By Jack Clark

Inflation

Inflation cools in May

Jun 28, 2023 | 4:11 PM

PRINCE GEORGE- The month of May was a good one for the economy and inflation.

The National Inflation rate dropped last month to its lowest level in two years. As of May 2023, the Inflation rate was down a full percentage point to 3.4 per cent.

The fall comes after several interest rate hikes as the Bank of Canada attempted to cool down the economy in the wake of the COVID-19 pandemic.

While the drop is positive, it will be a while before you see the benefits.

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“It takes a while for indicators to trickle down to the price tag you are seeing,” said Kris Sims of the Canadian Taxpayers Federation. ” It isn’t an overnight thing, it isn’t an automatic correction.”

The Bank of Canada will decide on whether or not to raise rates again on July 12.