Canada's inflation rate has returned to the country's target range but the central bank hasn't eased up on rate hikes
OTTAWA — Canada's inflation rate has returned to the country's target range after a tumultuous couple of years of soaring prices.
Earlier this month, the central bank raised its key interest rate again by a quarter percentage point, bringing its key rate to five per cent. At the time, the most recent inflation reading showed the annual rate had fallen to 3.4 per cent in May. A key element of the answer lies in the Bank of Canada's commitment to hit the midpoint of its target range.
That's because core measures of inflation — which strip out volatility and are better at gauging underlying price pressures — are still high. The central bank's aggressive approach has not been without pushback, particularly from labour groups and left-leaning economists who have called out the rate hikes as punishment for workers.
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