Economists are predicting an even higher reading of inflation for June as energy and food prices crept higher and the economy reopened further.
The consumer price index in Canada hit a nearly 40-year high of 7.7 per cent in May. Now, economists are forecasting that number hit at least eight per cent last month.
And more increases are on the way, with several food suppliers warning grocery retailers to expect further price hikes. An RBC report published on Friday said price acceleration in June is expected to be the result of even higher food and energy prices. Another factor that threatens to keep inflation high is rising inflation expectations among consumers and businesses, as evidenced by surveys conducted by the Bank of Canada.
However, Holt said the impact of the Bank of Canada’s most recent rate increase will take time to manifest.The Bank of Canada is forecasting inflation to reach eight per cent over the next few months before beginning to decline to 4.6 per cent next year.
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