Canada's Inflation Rate Falls to 2.5%, Lowest Since March 2021

The Bank of Canada is expected to continue cutting interest rates as inflation eases and economic concerns grow.

Inflation in Canada dropped to 2.5% in July, the slowest pace in over three years.
Lower prices for travel, passenger vehicles, and electricity contributed to the decline.
The Bank of Canada has already cut interest rates twice this year, with more reductions anticipated.
Mortgage interest costs and rent remain significant contributors to inflation.
Economists predict further rate cuts in upcoming meetings to support economic growth.