👉Canada's inflation rate in May dropped to 3.4%, reaching its lowest point since June 2021. The decrease is anticipated to be positive news for the Bank of Canada, as it prepares for the upcoming interest rate decision on July 12, following a recent quarter-percentage point increase to 4.75%. Statistics Canada's report attributed the slowdown primarily to reduced gasoline prices compared to the previous year. However, despite the overall decline, food inflation has yet to see a significant improvement, with grocery prices remaining high, increasing by nine per cent annually and showing minimal change from April. April had experienced a slight increase in inflation to 4.4%, slightly reversing the progress made since the previous summer.✅ . . #CanadaInflation #BankOfCanada #InterestRateDecision #GasolinePrices #FoodInflation #GroceryPrices #EconomicNews #mnm #malayalisnearmeapp #canadaupdate #canadanews