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Interest rates expected to rise again in July

Despite a decrease in inflation numbers when compared to the previous month the Bank of Canada (BOC) is expected to raise its key lending rate in July. 

The inflation report shows that gains in cost of living eased in May to 1.4 percent from 1.8 percent in April, and core inflation also edged lower from 1.9 percent to 1.8 percent. These numbers however are still higher than expectations set by the BOC and have analysts expecting the second increase in two months.

Canada became the first country in the G7 to increase borrowing costs from the emergency low levels and adopt a rate tightening agenda.  Most analysts expect a 25 basis point increase over the next three meetings.