An unexpected rise in Canadian inflation, coupled with an uptick in housing activity, has Scotiabank’s chief economist calling for a rate hike from the Bank of Canada next month.
, Jean-Francois Perrault, senior vice-president and chief economist at Scotiabank, argued that the country’s central bank no longer has the luxury of taking a wait and see approach to inflation. In this environment, he considers an additional rate hike as insurance against inflation. The consumer price index climbed to 4.4 per cent on an annual basis, according to Statistics Canada. This spike was unexpected by economists.
Veronica Clark, an economist from Citigroup, was actually the first to call for rate hike earlier this week. “The Bank of Canada is literally saying we’re waiting to see if we’ve done enough, and none of the data is telling you that you’ve done enough," Clark told Bloomberg in an interview on Tuesday.Another point of concern within Scotiabank’s report was the acceleration in Canada’s housing activity, the report detailed.
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