Inflation in Canada is cooling faster than expected, but economists don't expect the Bank of Canada to back down from its fight just yet.
Posted: Sep. 20, 2022 11:19AMInflation in Canada is cooling faster than expected, but economists don’t expect the Bank of Canada to back down from its fight just yet.
“This is about as good of an inflation report as we can hope for,” said BMO’s managing director of Canadian rates and macro strategist Benjamin Reitzes in an email to clients. “We don’t think this report suggests that the Bank of Canada is close to calling mission accomplished yet,” he said. “But it certainly is good news, and suggests that inflation is heading in the right direction.”
The bank is set to make its next rate announcement on Oct. 26 and has warned more interest rate hikes are needed to bring inflation to its two per cent target. Despite the slowdown in headline inflation, the cost of living remains stubbornly high for Canadians.CHEK NewsletterSign Up
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