Bank of Canada Governor Tiff Macklem takes part in a news conference, after cutting key interest rate, in Ottawa, Ontario, Canada July 24, 2024. REUTERS/Blair Gable

Canada’s inflation eases to 1.6 per cent, increasing chances of 50 bps rate cut

Canada's annual inflation rate slowed more than expected to 1.6 per cent in September, data showed on Tuesday, prompting markets to increase bets of a 50 basis point rate cut next week. The easing of inflation, which was mainly led by a huge drop in the price of gasoline, was the smallest annual increase in consumer prices since February 2021, Statistics Canada said.