The Bank of Canada has strongly telegraphed that more hikes are coming. cdnpoli news inflation
, the highest since January 1983 — has reached its peak, given it actually came in lower than analysts’ estimates.
In fact, says StatCan, last month’s hefty reading was mostly due to the price of gas; excluding it from the basket of goods, the CPI rose 6.5% annually in June, following a 6.3% increase in May. According to Macklem, inflation will remain sticky for the remainder of this year before dropping to around the 3% mark by the end of 2023, and then finally moderating to 2% in 2024 — the Bank of Canada’s target, and the gauge it uses when determining interest rate pricing.
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