The Globe and Mail reports in its Wednesday edition that Canada's inflation rate fell more than expected in June, boosting the likelihood of another rate cut by the Bank of Canada next week. The Globe's Matt Lundy writes that the Consumer Price Index rose by an annual 2.7 per cent in June, down from 2.9 per cent in May. Financial analysts had expected a slight easing to 2.8 per cent. Consumer prices fell 0.1 per cent on a month-to-month basis, unadjusted for seasonality -- the first decline in six months. CPI's report in May showed unexpectedly high inflation, however, overall inflation has been relatively low this year, compared with what was anticipated by the BOC. As well, the annual inflation rate has stayed within the BOC's target range of 1 per cent to 3 per cent for six consecutive months. Due to the progress made in controlling inflation, the BOC reduced its benchmark lending rate in early June from 5 per cent to 4.75 per cent -- marking the first rate cut in four years. The Globe says BOC is making its decisions based on current data, which means the timing of additional rate cuts is uncertain. After the report on Tuesday, many economists and investors are once again calling for a second consecutive rate cut.