Canada's annual inflation rate fell back to the country's target range in June for the first time since March 2021, tumbling to 2.8 per cent
OTTAWA — Forecasters anticipate this week's consumer price index report to show inflation rose last month, signalling a reversal in progress after a year of steady declines in inflation.But economists expected the victory against high inflation to be short-lived, as underlying price pressures suggest it will take some time for inflation to return to the two per cent target.
The U.S. experienced a similar uptick in inflation last month, as its annual rate rose to 3.2 per cent, up from 3.0 per cent in June. 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.Although 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.
"It's a tough decision to keep raising interest rates when the unemployment rate is rising," Porter said.
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