The annual rate of inflation dropped sharply, Statistics Canada said Tuesday that the annual inflation rate for ‘May’ cooled by a full percentage point to 3.4%. The inflation rate dropped significantly last month after reaching 4.4% in April.

The annual rate of inflation dropped sharply, Statistics Canada said Tuesday that the annual inflation rate for ‘May’ cooled by a full percentage point to 3.4%. The inflation rate dropped significantly last month after reaching 4.4% in April.