The Globe and Mail reports in its Wednesday edition that Canada's inflation rate fell last month, and underlying price pressures appear to be fading fast, opening the door for the Bank of Canada to discuss lowering interest rates. The Globe's Matt Lundy writes that the Consumer Price Index rose 2.8 per cent in February on an annual basis, down from 2.9 per cent in January, Statistics Canada said Tuesday. Analysts were expecting an upturn to 3.1 per cent. This was the second consecutive month that CPI growth has undershot estimates by a wide margin. The inflation rate has also resided within the Bank of Canada's target range of 1 to 3 per cent for two consecutive months -- the first time that has happened since early 2021. The results suggest higher interest rates are not only working to bring inflation under control, but also on a faster timeline than central bankers expected. Some economists think the BOC will begin to lower interest rates in June or July. "Overall, we continue to expect a persistently soft economic backdrop to further slow inflation readings in Canada in the months ahead," RBC's Claire Fan wrote in a report. This should allow the central bank to "start lowering interest rates around midyear."