A look at how Canada compares to other countries amid high inflation
“Even with that mild warning label, I still think the overriding story does hold that Canada does generally have lower inflation than most major economies,” Porter said.The economist noted that Switzerland, Japan and China are the main outliers to that trend, holding inflation in the range of two to three per cent.
“That’s the primary reason why Europe’s inflation rate is so much higher than it is here in North America,” Porter said. And although the Bank of Canada has been criticized for waiting too long to raise interest rates, Porter says it has moved faster and more aggressively than other central banks.“I think the Bank of Canada got it earlier than other central banks did. And that’s one of the reasons why our inflation rate is a bit lower,” he said.
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