BREAKING: Bank of Canada raises key interest rate again, signals pause in rate hikes
Excluding food and shelter, the central bank is seeing declines in inflation, due to decreases in gasoline and durable goods prices, according to theThe current inflation rate sits at 6.3 per cent. The bank projects that number to decline to 3 per cent by mid-2023, with a return to its inflation target of 2 per cent in 2024.
“Unless a surprisingly strong pickup in productivity growth occurs, sustained 4 per cent to 5 per cent wage growth is not consistent with achieving the 2 per cent inflation target,” reads the report. Meanwhile, the Canadian economy grew by 3.6 per cent in 2022, higher than the bank’s projection in October. The economy is projected to stall this year, with gross domestic product sitting at 1 per cent for the year. The bank expects this slowdown will allow supply to catch up to demand.
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