Canada’s inflation cooled in July, but one prominent Bay Street economist said the latest data will compel the Bank of Canada to stay the course with its rate-hiking plans.
“There’s nothing here, even when you look through the various components, that’s going to knock the Bank of Canada off its aggressive posture,” David Rosenberg, the founder and president of Rosenberg Research, said in a TV interview on Tuesday.Statistics Canada reported Tuesday morning that the consumer price index rose 7.6 per cent year-over-year in July, modestly down from the peak in June when the inflation rate hit a near 40-year high of 8.1 per cent."Let's face it, 7.
Gasoline prices fell the most since the start of the pandemic, contributing to the cooldown. The cost of living rose 6.6 per cent compared to a 6.5 per cent rise in June."I would say that the odds are high after this report that they do go 75 basis points. I guess there's an outside chance they go can 50 . We've become almost numb to the fact going 75 or 100 basis points these days is normal.
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