Inflation surprised economists decelerating faster than expected in February giving the Bank of Canada more breathing room on rates. Read on
Gasoline provided relief to Canadians’ wallets falling 4.7 per cent, “the first yearly decline since January 2021,” Statistics Canada said. For the month, Canadians paid one per cent less at the gas pumps. Overall energy prices fell 0.6 per cent year over year, the first decline since January 2021.
“Mortgage interest costs are now one of the biggest drivers of inflation…,” said Douglas Porter, chief economist at Bank of Montreal. “Many will thus point to the BoC as the ’cause’ of inflation, although note that inflation is still 4.7 per cent even excluding mortgage interest costs.”Article content
Canada’s latest consumer price index reading ranks at the low end of inflation for advanced economies, BMO’s Porter said in a note on the data. The U.S. inflation rate was six per cent last month, Australia 7.2 per cent, the eurozone 8.5 per cent, and the U.K. 10.1 per cent. Here’s what the economists are saying about inflation and what it means for the Bank of Canada and interest rates.Article content“While inflation has peaked and is moderating, it remains well above the BoC’s target of two per cent, inflation expectations are elevated, and inflationary pressures remain broad and likely sticky.
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