Following the release of Canada’s latest inflation data, one economist said he thinks the Bank of Canada should be comfortable with its actions thus far as it attempts to restore price stability.
, the inflation rate cooled in February as the consumer price index was 5.2 per cent higher than the previous year, but markedly lower than the 5.9 per cent reported in January. February’s inflation figures marked the largest deceleration since April 2020.
“The challenge that we have on the inflation side is [that] it has actually been very difficult to forecast inflation in the last couple of years and we've tended to underestimate inflation,” he said.
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