Statistics Canada reported on Tuesday that inflation fell to 2.8 per cent in June, down significantly from the eye-popping peak of 8.1 per cent reached last summer.
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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.Article content A key element of the answer lies in the Bank of Canada’s commitment to hit the midpoint of its target range.
Private-sector economists also expect getting inflation back to two per cent will be challenging and will entail some hiccups along the way. The Bank of Canada’s two preferred core measures of inflation that it tracks closely also show inflation hasn’t eased as much as it might appear, hovering at 3.7 and 3.9 per cent last month.
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Inflation has fallen, but the Bank of Canada hasn't backed off rate hikes. Here's whyCanada's inflation rate has returned to the country's target range after a tumultuous couple of years of soaring prices. Statistics Canada reported on Tuesday that inflation fell to 2.8 per cent in June.
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Inflation has fallen, but the Bank of Canada hasn't backed off rate hikes. Here's whyStatistics Canada reported on Tuesday that inflation fell to 2.8 per cent in June, down significantly from the eye-popping peak of 8.1 per cent reached last summer.
Read more »
Inflation has fallen, but the Bank of Canada hasn't backed off rate hikes. Here's whyCanada's inflation rate has returned to the country's target range after a tumultuous couple of years of soaring prices.
Read more »