Bank of Canada has recently announced a rate cut to 4.75%

We've come a long way in the fight against inflation,' said BOC governor Tiff Macklem.
Statistics Canada said Tuesday that Canada's consumer price index cooled to 2.7 percent in April, down from 2.9 percent in March, led by the slower growth of food prices.
Though food prices rose in April, they did so at a slower pace of 1.4 percent compared with 1.9 percent in March, the data agency said. Price growth for food bought from restaurants also eased.
The cost of meat mostly drove the decline, but other food products that also contributed were non-alcoholic beverages, bakery and cereal products, fruit, fruit preparations, nuts, fish, seafood, and other marine products.
Meanwhile, consumers paid 6.1 percent more for gas in April after a 4.5 percent increase in March. Statistics Canada said that a switch to summer petrol blends, supply concerns, and higher federal carbon levies contributed to the uptick.