'Terrific news': Chief economist reacts to latest inflation data

After Statistics Canada’s latest consumer price index revealed a 2.9 per cent increase in the annual inflation rate in March, largely boosted by higher prices for gasoline, one chief economist says the path towards a June interest rate cut seems clear.

Excluding gasoline prices, Statistics Canada reported that the overall annual inflation rate for March was 2.8 per cent, a drop from 2.9 per cent in February. 

“It’s terrific news, really,” said Pedro Antunes, chief economist of the Conference Board of Canada, during an interview with BNN Bloomberg on Tuesday. 

“I think this is going to be another sign and insurance that the (Bank of Canada) is going to start to take that burden off of households by lowering interest rates come June,” he said, adding that the central bank has been “very careful around its messaging.”