OTTAWA — Economists are forecasting inflation reaccelerated to around four per cent last month, reversing previous progress made as gasoline prices push…
Earlier this month, the Bank of Canada opted to hold its key interest rate steady at five per cent after hiking rates at its two previous meetings. The decision was made after recently released data showed the economy contracted in the second quarter.
Orlando said the fact that the economy is slowing gives the Bank of Canada justification to hold interest rates where they are, even if inflation is ticking higher in the short term. Although progress on getting inflation down is showing sings of stalling, economists and the Bank of Canada expect that tighter economic conditions caused by higher interest rates will eventually lead to smaller price increases.
In the meantime, however, the Bank of Canada will have make sense of inflation rising again for Canadians.
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