Statistics Canada says the country’s inflation rate fell to 3.4 per cent in May, the lowest it’s been since June 2021. The federal agency says the slowdown was largely due to lower gasoline prices compared with a year ago. Meanwhile, grocery prices were still skyrocketing last month, rising nine per cent from last May. The slowdown in the headline rate comes after inflation ticked up slightly in April to 4.4 per cent, setting off some alarm bells at the Bank of Canada. The Bank of Canada will be paying close attention to today’s report as it gears up for its next interest rate decision on July 12. PEI’s inflation rate in May was 0.7 per cent.
ON AIR NOW2:00 PM - 6:00 PMGerard Murphy
