Bank of Canada hikes rate to 5% as pandemic savings stymie inflation fight

“Inflation in Canada eased to 3.4 per cent in May, a substantial and welcome drop from its peak of 8.1 per cent last summer,” Macklem said. However, he noted that the majority of goods in the consumer price index “basket” have continued to rise, some steeply. “A little over half the components of…

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