July Inflation Falls to 2.5%—Could We See an Interest Rate Cut in September?
In July 2024, Canada's inflation rate dropped to 2.5%, the lowest since March 2021, aligning with the Bank of Canada's expectations. Here’s what contributed to this decline:

  • Shelter Costs: Inflation slowed to 5.7% from 6.2% in June, with declines in electricity costs, mortgage rates, and rent.

  • Food Inflation: Eased slightly to 2.7% from 2.8%.

  • Transportation Costs: Held steady at 2%, with a rise in gasoline prices offsetting a drop in passenger vehicle prices.

  • Core Inflation: The median and trimmed-mean rates were below expectations at 2.4% and 2.7%.

With these factors in play, there's growing speculation that the Bank of Canada might cut interest rates in September to support the cooling economy.

Curious about how this might impact your mortgage? Contact me today to discuss your mortgage!
Alexander Gasenko - your trusted Toronto & GTA mortgage broker. Dominion Lending Centres Maple Mortgage Group Independently Owned & Operated — FSRA# 13415

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