{"id":35821,"date":"2023-06-27T14:12:13","date_gmt":"2023-06-27T14:12:13","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2023\/06\/27\/inflation-what-economists-are-saying-about-canadas-may-reading\/"},"modified":"2023-06-27T14:12:13","modified_gmt":"2023-06-27T14:12:13","slug":"inflation-what-economists-are-saying-about-canadas-may-reading","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2023\/06\/27\/inflation-what-economists-are-saying-about-canadas-may-reading\/","title":{"rendered":"Inflation: What economists are saying about Canada&#8217;s May reading"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<h2 class=\"visually-hidden\">Breadcrumb Trail Links<\/h2>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\"> News <\/li>\n<li class=\"breadcrumbs__item\"> Economy <\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\"> Inflation accelerates in May to 3.4 per cent, the slowest pace since June 2021 <\/p>\n<div class=\"article-meta\">\n<p> <span class=\"published-date__since\">Published Jun 27, 2023<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 17\u00a0minutes ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">6 minute read<\/span> <\/p>\n<\/p><\/div><\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Grocery prices increased at the more than double to pace of inflation in May.<\/span> <span class=\"credit\">Photo by Darryl Dyck\/The Canadian Press<\/span> <\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Inflation in Canada slowed in May to 3.4 per cent, matching economist estimates, but many don\u2019t think that will be enough to convince the Bank of Canada to back away from another interest rate hike at its next meeting on July 12.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment4971309096171635082268668030091264\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment4971309096171635082268668030091264\">Advertisement 2<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" 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https:\/\/dcs-static.gprod.postmedia.digital\/13.8.2\/websites\/images\/identity\/logo-identity-fp.svg 1600w\" alt=\"Financial Post\" class=\"market-logo\" height=\"37\" fifu-data-src=\"https:\/\/dcs-static.gprod.postmedia.digital\/13.8.2\/websites\/images\/identity\/logo-identity-fp.svg\" width=\"280\"\/><\/p>\n<div class=\"intro-body__premium hidden\">\n<h2>THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY<\/h2>\n<p class=\"identity-intro__description\">Subscribe now to read the latest news in your city and across Canada.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Exclusive articles by Kevin Carmichael, Victoria Wells, Jake Edmiston, Gabriel Friedman and others.<\/li>\n<li>Daily content from Financial Times, the world&#8217;s leading global business publication.<\/li>\n<li>Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.<\/li>\n<li>National Post ePaper, an electronic replica of the print edition to 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MORE ARTICLES<\/h2>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account.<\/li>\n<li>Share your thoughts and join the conversation in the comments.<\/li>\n<li>Enjoy additional articles per month.<\/li>\n<li>Get email updates from your favourite authors.<\/li>\n<\/ul>\n<\/div><\/div>\n<\/header>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">May\u2019s consumer price index (CPI) increase was the smallest since June 2021, Statistics Canada said in a release. It slowed a full percentage point from an unexpected acceleration in April of 4.4 per cent. Monthly inflation grew 0.4 per cent in May, or 0.1 per cent on a seasonally adjusted basis.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot6 article-content__widget-group--newsletter-slot\">\n<section aria-labelledby=\"FinancialPostTopStories8996619404276275410511149311983616\" class=\"newsletter-widget fp-headlinenews background--primary-light-gradient\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Financial Post Top Stories Banner\" class=\"newsletter-widget__banner\" height=\"60\" loading=\"lazy\" fifu-data-src=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1\" width=\"97\"\/><\/p>\n<div class=\"newsletter-widget__body\">\n<h2 class=\"newsletter-widget__title\" id=\"FinancialPostTopStories8996619404276275410511149311983616\">Financial Post Top Stories<\/h2>\n<p class=\"newsletter-widget__text\">Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.<\/p>\n<div class=\"js-replace-main\">  <small class=\"newsletter-widget__disclaimer text-size--micro\"> By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300 <\/small> <\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<h3 class=\"newsletter__feedback--heading\">Thanks for signing up!<\/h3>\n<p class=\"newsletter-widget__text\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text newsletter__feedback--last\">The next issue of Financial Post Top Stories will soon be in your inbox.<\/p>\n<\/p><\/div>\n<p class=\"newsletter-widget__text js-submit-error\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\"> We encountered an issue signing you up. Please try again <\/p>\n<\/p><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>\u201cThe Bank (of Canada) will still be pleased to see that the CPI rose by just 0.1 per cent month over month this May and that the monthly gains in CPI-trim and CPI-median (the bank\u2019s preferred inflation measures) each slowed to 0.2 per cent,\u201d Stephen Brown, deputy chief North American economist at Capital Economics, said in a note.<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/inflation-may-2023.png?quality=90&strip=all&w=288&sig=YAUTL1g1PR3HV8_I2rTFDA&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/inflation-may-2023.png?quality=90&strip=all&w=288&sig=YAUTL1g1PR3HV8_I2rTFDA&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/inflation-may-2023.png?quality=90&strip=all&w=288&sig=YAUTL1g1PR3HV8_I2rTFDA&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/inflation-may-2023.png?quality=90&strip=all&w=288&sig=YAUTL1g1PR3HV8_I2rTFDA&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/inflation-may-2023.png?quality=90&strip=all&w=288&sig=YAUTL1g1PR3HV8_I2rTFDA&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/inflation-may-2023.png?quality=90&strip=all&w=288&sig=YAUTL1g1PR3HV8_I2rTFDA&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/inflation-may-2023.png?quality=90&strip=all&w=288&sig=YAUTL1g1PR3HV8_I2rTFDA&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/inflation-may-2023.png?quality=90&strip=all&w=288&sig=YAUTL1g1PR3HV8_I2rTFDA&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/inflation-may-2023.png?quality=90&strip=all&w=288&sig=YAUTL1g1PR3HV8_I2rTFDA&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/inflation-may-2023.png?quality=90&strip=all&w=288&sig=YAUTL1g1PR3HV8_I2rTFDA&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/inflation-may-2023.png?quality=90&strip=all&w=288&sig=YAUTL1g1PR3HV8_I2rTFDA&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"May inflation chart\" class=\"embedded-image__image lazyload\" fifu-data-src=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/inflation-may-2023.png?quality=90&strip=all&w=288&sig=YAUTL1g1PR3HV8_I2rTFDA&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/inflation-may-2023.png?quality=90&strip=all&w=288&sig=YAUTL1g1PR3HV8_I2rTFDA,\n                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/inflation-may-2023.png?quality=90&strip=all&w=576&sig=adNl_E_xt9ybj9NQKkz8LA 2x\" height=\"784\" loading=\"lazy\" width=\"1000\"\/><\/picture><\/figure>\n<p>However, economists said the year-over-year readings for trim and median remain stuck well above the Bank of Canada\u2019s two per cent target.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment6112406524379578101377969923555328\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment6112406524379578101377969923555328\">Advertisement 3<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>\u201cNo matter how you slice it, inflation remains a serious issue for the BoC,\u201d Benjamin Reitzes of BMO Economics said in a note.<\/p>\n<p>Prior to the release of inflation for May, markets were pricing in a 70 per cent chance of an increase at the central bank\u2019s July meeting. According to Bloomberg, that has now fallen just above 50 per cent.<\/p>\n<p>Here\u2019s what economists are saying about the latest inflation numbers and what they could mean for the Bank of Canada.<\/p>\n<h2>Stephen Brown, Capital Economics<\/h2>\n<p>\u201cWhile the steep declines in both headline and core inflation in May were partly due to favourable base effects, the monthly gains in each also slowed compared to April. That probably won\u2019t be enough to persuade the Bank of Canada to stand pat at its meeting next month, but it does add to our sense that the bank will not be forced to raise interest rates beyond five per cent, implying just one more 25 basis-point hike.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment6742406496979569323197926293372928\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment6742406496979569323197926293372928\">Advertisement 4<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>\u201cThe bank should be encouraged by the May CPI report, particularly given concerns that the new CPI weights incorporated last month \u2014 which boosted the weights of services at the expense of goods \u2014 could have caused core inflation to come in higher than expected. With the labour market also loosening in May, the case for another rate hike in July is not quite as strong as it seemed a few weeks ago. Nonetheless, with even the one-month annualized CPI-trim and CPI-median inflation rates still above two per cent, and the housing market heating up, we still judge that another hike is more likely than not.\u201d<\/p>\n<h2>Maria Solovieva, TD Economics<\/h2>\n<p>\u201cCanadian inflation continued to cool in May, but progress is unlikely to be enough to prevent the Bank of Canada from raising rates in July. Improvements in core inflation are slow, particularly on the services side, with inflation picking up in discretionary areas like travel services and restaurant meals (6.8 per cent year over year in May). Cooler goods inflation is welcome, but the BoC has likely been counting on that already as supply chain snarls improve.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_5\">\n<section aria-describedby=\"advertisment2395473680713879665577037922304000\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment2395473680713879665577037922304000\">Advertisement 5<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>\u201cLooking at the bank\u2019s core measures, governor (Tiff) Macklem may have a Bon Jovi earworm, humming, \u2018whoa, we\u2019re half way there.\u2019 But, there is still a ways to go to get inflation all the way back to two per cent. And the bank would rather not be \u2018livin\u2019 on a prayer,\u2019 and is likely to take rates another quarter point higher in July to ensure demand, and hence price pressures cool further.\u201d<\/p>\n<h2>Benjamin Reitzes, BMO Economics<\/h2>\n<p>\u201cWhile the softer-than-expected core prints are a bit of good news, every inflation metric remains far above the two per cent inflation target. Accordingly, Bank of Canada policymakers won\u2019t breathe a huge sigh of relief after this report as core inflation remains sticky and has yet to show signs of a durable slowdown. The odds of a July rate hike might be slightly lower now, but if the rest of the data hold up over the next two weeks, a hike still looks likely.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_6\">\n<section aria-describedby=\"advertisment5559441727041297968286489213140992\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment5559441727041297968286489213140992\">Advertisement 6<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-6\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<h2>Jay Zhao-Murray, currency analyst, Monex Canada<\/h2>\n<p>\u201cBroadly speaking, there are some early signs of optimism in the data. Monthly inflation was a 10th weaker than 0.5 per cent \u2014 the average from January to April \u2014 and considerably softer than last month\u2019s 0.7 per cent gain. Additionally, the annualized three-month average of core-median inflation fell by two-10ths of a per cent to 3.6 per cent, although the same measure of core-trim showed little progress at 3.85 per cent.<\/p>\n<p>\u201cThe breadth of inflation fell, with around half of the components running above target in May, compared to roughly three-quarters when averaged over the past three months. This could be an early sign of cooling price pressures after months of re-acceleration, but the fact remains that the monthly pace of price increases was still twice as strong as it would be if inflation were back to normal and the underlying core measures remain too high for comfort. For this reason, we do not think this single improved report is enough to prevent the Bank of Canada from hiking rates again in July, but it reduces the risk that they will take the overnight rate above five per cent. This merely confirms our view on the BoC\u2019s implied rate path, with the risk of inaction at July\u2019s meeting now centred on the data released over the next two weeks.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_7\">\n<section aria-describedby=\"advertisment4004878417514942748736482399223808\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment4004878417514942748736482399223808\">Advertisement 7<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-7\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"7\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-7\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<section aria-labelledby=\"moreTopicLabel4837382705460123697767450962558976\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\"> <button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/> <\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"A home for sale in Toronto.\" class=\"lazyload\" fifu-data-src=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=96&strip=all&quality=80&sig=RlcbXnW6PbssXVq4c1_wFQ,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=192&strip=all&quality=80&sig=SZz4GI84ritvXqI4VVvEMA 2x,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0626housing.jpg?h=288&strip=all&quality=80&sig=WhARONmlgiY46iD8Bz0swg 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> Homeowners abandon variable-rate mortgages <\/span> <\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0622food-prices.jpg?h=96&strip=all&quality=80&sig=SNC5h6BN1xycyDPobIsdGA&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0622food-prices.jpg?h=96&strip=all&quality=80&sig=SNC5h6BN1xycyDPobIsdGA&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0622food-prices.jpg?h=96&strip=all&quality=80&sig=SNC5h6BN1xycyDPobIsdGA&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0622food-prices.jpg?h=96&strip=all&quality=80&sig=SNC5h6BN1xycyDPobIsdGA&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0622food-prices.jpg?h=96&strip=all&quality=80&sig=SNC5h6BN1xycyDPobIsdGA&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0622food-prices.jpg?h=96&strip=all&quality=80&sig=SNC5h6BN1xycyDPobIsdGA&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0622food-prices.jpg?h=96&strip=all&quality=80&sig=SNC5h6BN1xycyDPobIsdGA&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0622food-prices.jpg?h=96&strip=all&quality=80&sig=SNC5h6BN1xycyDPobIsdGA&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0622food-prices.jpg?h=96&strip=all&quality=80&sig=SNC5h6BN1xycyDPobIsdGA&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0622food-prices.jpg?h=96&strip=all&quality=80&sig=SNC5h6BN1xycyDPobIsdGA&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0622food-prices.jpg?h=96&strip=all&quality=80&sig=SNC5h6BN1xycyDPobIsdGA&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Food items loaded into a shopping trolley inside a Tesco supermarket store in east London.\" class=\"lazyload\" fifu-data-src=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0622food-prices.jpg?h=96&strip=all&quality=80&sig=SNC5h6BN1xycyDPobIsdGA&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0622food-prices.jpg?h=96&strip=all&quality=80&sig=SNC5h6BN1xycyDPobIsdGA,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0622food-prices.jpg?h=192&strip=all&quality=80&sig=M7fOVOgkUaxhWXi3E3inzw 2x,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/no0622food-prices.jpg?h=288&strip=all&quality=80&sig=kmhhNzg5TL8RYqF3-D_Ung 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> Food prices to stay higher than before pandemic: RBC <\/span> <\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"A person shops for produce at a market in Vancouver.\" class=\"lazyload\" fifu-data-src=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=96&strip=all&quality=80&sig=PZukF1kHc4rG7004GJUXsg,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=192&strip=all&quality=80&sig=uo9j5QYxKQzhC0w6k03IoA 2x,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/canada-inflation-vw0627.jpg?h=288&strip=all&quality=80&sig=AY5MJgf23SrdrshA-9S6HA 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> Inflation slows to 3.4% in May <\/span> <\/h3>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/> <\/section>\n<h2>Claire Fan, RBC Economics<\/h2>\n<p>\u201cThe \u2018headline\u2019 inflation rate is likely to fall further in June \u2013 potentially down to the top end of the Bank of Canada\u2019s one per cent to three per cent target range \u2013 as energy prices this year continue to compare to very high year-ago levels. Beyond that, further slowing in broader inflation readings all the way back to the two per cent target will be much harder to come by.<\/p>\n<p>\u201cAlthough slowing, underlying inflation trends in Canada are still running well-above the BoC\u2019s two per cent target. Higher interest rates are cutting into household purchasing power, but spending to-date has been firm. Labour market conditions are also more resilient than expected in 2023 to-date. GDP data and the BoC\u2019s own Q2 Business Outlook Survey later this week will be watched closely for signs that the economy is losing momentum. But absent a large downside surprise from those data releases, we continue to expect the bank to hike the overnight rate by another 25 basis points in July, before stepping back the sideline for the rest of this year.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_8\">\n<section aria-describedby=\"advertisment324073370387469835903117746503680\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment324073370387469835903117746503680\">Advertisement 8<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-8\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"8\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-8\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<h2>Charles St-Arnaud, Alberta Central<\/h2>\n<p>\u201cInflation continues to moderate but remains well above the BoC\u2019s target of two per cent, while inflation expectations remain elevated and inflationary pressures remain broad and likely sticky. The BoC is likely to consider the recent inflation dynamic, as measured by the three-month annualized changes, slightly concerning and could support another increase in interest rates at the July meeting.<\/p>\n<p>\u201cHowever, higher interest rates are having a significant impact on inflation. We estimate that inflation excluding food, energy and mortgage interest payments is about 2.3 per cent and its three-month over three-month annualized change is around 2.5 per cent. This means that excluding the impact of the rate hikes, underlying inflation is in line with the BoC\u2019s target and would not support further rate increases.<\/p>\n<p>\u201cUltimately, whether the BoC hikes in July may hinge on the strong momentum in the economy, with the strong labour market and consumer spending, and the desire of the BoC to restore its credibility as an inflation fighter and influence inflation expectations.\u201d<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt=\"beforeunload\" data-evt-typ=\"page_scroll\" data-evt-val=\"{\" control_fields=\"\">\n<h2 class=\"visually-hidden\">Share this article in your social network<\/h2>\n<\/section>\n<div aria-label=\"Article Comments\" class=\"article-content__widget-group article-comment\">\n<section class=\"comments__section\" data-aqa=\"viafoura-comments\" id=\"comments\">\n<h3 class=\"widget-title comments-anchor\" id=\"comments-area\">Comments<\/h3>\n<p class=\"comments__section-disclaimer\"> Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications\u2014you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings. <\/p>\n<details class=\"expansion-panel comments__section__list\">\n<summary class=\"expansion-panel__summary\">\n<h4 class=\"expansion-panel__summary-label\"> <span aria-hidden=\"true\" class=\"article-card__comment-icon\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" fill=\"none\" height=\"16\" viewbox=\"0 0 20 20\" width=\"16\"><path d=\"M19.99 2C19.99 0.9 19.1 0 18 0H2C0.9 0 0 0.9 0 2V14C0 15.1 0.9 16 2 16H16L20 20L19.99 2Z\" fill=\"#555555\"\/><\/svg><\/span> <span>Join the Conversation<\/span> <\/h4>\n<\/summary>\n<\/details>\n<\/section>\n<\/div><\/div>\n\n<br \/>Inflation: What economists are saying about Canada&#8217;s May reading<\/a><br \/>\n<br \/>2023-06-27 14:12:13<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Economy Inflation accelerates in May to 3.4 per cent, the slowest pace since June 2021 Published Jun 27, 2023 \u00a0\u2022\u00a0 Last updated 17\u00a0minutes ago \u00a0\u2022\u00a0 6&#8230;<\/p>\n","protected":false},"author":2,"featured_media":35822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/06\/grocery-inflation-gs0627.png?quality=90&strip=all&w=288&h=216&sig=AhGp0bgPOZrEXU4sh1iKSA","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-35821","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/35821","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=35821"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/35821\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/35822"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=35821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=35821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=35821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}