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Central bank raises benchmark rate to 7%

Central bank raises benchmark rate to 7%

Central bank raises benchmark rate to 7%

The central bank has now raised interest rates six times since Donald Trump won the U.S. presidential election in November, plunging the Mexican economy into uncertainty because of his vows to overhaul the North American Free Trade Agreement (NAFTA).

Sales at gasoline stations rose 1.7 percent, the seventh increase in nine months as Canadians paid higher prices at the pump.

A handful of global developed-market central banks have found ways to stimulate growth but inflation is elusive everywhere.

Last month's smaller inflation number could weigh on the Bank of Canada's decision, as the rate moved further away from its ideal target of two per cent.

The 1.3% inflation rate is a six-month low for Canada, which saw the rate peak this year at 2.1% in January.

Expectations cooled considerably after the release of the inflation report, Ms. Baumann said, adding the OIS market now suggests a 30% chance of a July rate increase in Canada.

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Total food prices fell 0.1% from a year ago, the eighth consecutive monthly decline. Meanwhile, food prices rose 0.3 percent sequentially, bringing the year-on-year figure to -0.1 percent, up from -1.1 percent seen in April.

It noted natural gas prices also fell 4.9 per cent in the same 12-month period, "providing the largest downward contribution to the natural gas index at the national level".

But despite its slower price growth, the report says gasoline still remained one of the biggest upward contributors to inflation last month, along with other costs associated with shelter and transportation.

Compared to a year earlier, Statistics Canada said the price of electricity in Ontario fell last month by 16.1 per cent.

"As much as the Bank of Canada has seemed a bit dismissive of those recent inflation numbers, I think it would be hard for them to raise rates in July given the decline that we saw again in May's inflation".

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