Bank of Canada pausing to evaluate if aggressive monetary policy will bring inflation down to 3% by mid-2023
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“Monetary policy doesn’t work as quickly or painlessly as everyone would like, but it works. And it will be worth it when Canadians can once again count on low, stable and predictable inflation,” he said in his prepared remarks. “With economic growth slowing to close to zero in the first half of 2023, inflation should drop to around 3% in the middle of the year and reach the 2% target in 2024. We’ve already seen inflation come down for the prices of many goods. But inflation in the services sector will take longer to cool,” he said.
“With inflation well above our 2% target, we’re most concerned about risks that could push it higher,” he said.
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