Consumer price index dropped to its slowest in almost a year, complicating the Bank of Canada\u0027s decision on interest rates. Read on
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Excluding food and energy, inflation rose 5.3 per cent from December 2021, down only marginally from 5.4 per cent in November. That suggests underlying inflationary pressures remain strong, and could prompt the Bank of Canada to keep raising interest rates.Article content The numbers are the last significant figures the Bank of Canada will see before it decides whether to end — or at least pause — the most aggressive series of interest rate increases in its history.
It was a significant shift because for most of 2022, the central bank’s leaders began each policy deliberation knowing they would be raising interest rates, making the debate about one question: how high? They would ratchet the benchmark rate all the way to 4.25 per cent, from 0.25 per cent in March. Most agree interest rates are nearing the limit of what the economy can bear, as the Bank of Canada’s own forecasts predict economic growth will stall over the months ahead.
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