Inflation climbed even higher in June amid ‘reopening effect’, economists predict
Inflation: Why the price of groceries are expected to riseDomestically, the central bank said the economy is “overheated” as businesses struggle to find workers and demand for their products remains strong. The unemployment rate reached a record low of 4.9 per cent in June.
“Restoring price stability _ low, stable and predictable inflation _ is paramount,” said bank governor Tiff Macklem in a news conference following the rate announcement. 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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