Amongst the topics of deliberation, was, unsurprisingly, housing and the resale market’s role in the most recent inflation measure. realestate realestatenews housing inflation
Despite the three-month-long growth in housing resale prices, which feed into the CPI with a one-month lag, the BoC’s overarching expectation was that inflation would slip to around 3% in the summer.
“However, the trends in the core inflation data raised doubts about the strength and durability of ongoing disinflation and increased concerns that inflation could become stuck at a level materially above the 2% target,” states the Bank. In the meeting with Governor Tiff Macklem, Senior Deputy Governor Carolyn Rogers, and Deputy Governors Paul Beaudry, Toni Gravelle, Sharon Kozicki and Nicolas Vincent, wider economic variables were discussed — many of which played intoThis included consumer demand proving “more robust” than expected.
As we now know, Governing Council opted for a 0.25% increase to its policy rate at June’s meeting, bringing it up to 4.75%. “At the June decision, enough evidence had accumulated since January to convince them that policy needed to be more restrictive to rebalance supply and demand in the economy and bring inflation all the way back to the 2% target,” explains the Bank in yesterday’s note.The next interest rate decision is slated for July 12, 2023. A monetary policy report is also scheduled for release at that time.Zakiya is a staff writer with STOREYS.
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