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Canada Consumer Prices (Apr. 2024)

The fourth consecutive 0.1% m/m average increase in the Bank of Canada’s preferred core price measures in April will give the Bank confidence that the further easing in core inflation is being sustained. That progress means there is a strong possibility of a June rate cut, although the continued resilience of the labour market means the Bank may be equally comfortable waiting until the July meeting, allowing it to observe two more months of inflation data.

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