The Financial Post reports in its Wednesday edition that inflation picked up slightly in March to 2.9 per cent from 2.8 per cent in February, Statistics Canada said Tuesday, but the consumer price index release suggests that core inflation continued to slow. The Post's Gigi Suhanic says that Douglas Porter, BMO chief economist, highlights in a note that three of four measures of core inflation have come in below 3 per cent for the first time since the summer of 2021. "The steady cooling in core inflation is welcome news," Mr. Porter said. Three per cent is the top end of the Bank of Canada's inflation target range. The three-month annual rate of inflation was 1.3 per cent and the annual rate CPI excluding food and energy was 2.9 per cent. Inflation hot spots remain. Gas prices are on track for a 6 per cent "pop" in April and "shelter costs keep rolling along," Mr. Porter added. Still, "for the Bank of Canada, this result is likely just good enough to keep them on track for a potential trim in June." The next inflation report for April, plus first quarter gross domestic product, will either solidify or derail that outlook. Capital Economics agreed that there is a "growing chance" a rate cut could come in June.