Forecasters anticipate this week\u0027s consumer price index report to show inflation rose last month.
Porter said although lower gasoline prices have driven the decline in inflation over the last year, rising prices may start to add to inflationary pressures.
The central bank said the new projections pushed its governing council to hike rates again in July by a quarter of a percentage point as it looks to get inflation down faster.Article contentAlthough Porter doesn’t expect the Bank of Canada to raise interest rates again in September, he says it’s difficult to rule another rate hike.
The labour market is no longer as tight as it was last year, and the unemployment rate has been on the rise.Porter said this steady increase should give the central bank pause, as economists anticipate unemployment to continue to rise. “I would actually say it would be unwise to keep raising interest rates with the kind of upswing we’ve seen in the unemployment rate in the past few months.”
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