After a steep and rapid climb in prices, Canada\u0027s inflation rate is expected to fall significantly this year.
As that storm continues to dissipate, price pressures have relented, giving glimmers of hope that normalcy in price growth may be restored.Article content
Simply put, it means prices today aren’t rising as fast because they’re being compared to already elevated prices a year ago. But as base year effects fade, that deceleration will be more obvious to Canadians who may only be familiar with the annual inflation rate..Looking ahead, the Bank of Canada is forecasting inflation will fall to about three per cent by mid-year and back down to two per cent in 2024. Most private sector economists are forecasting similar figures as well.
For Canadians who have been struggling with the cost of living, slower price growth doesn’t mean relief from high prices. And for families who spend a hefty portion of their budgets on groceries, the decline in the headline inflation rate is even less meaningful. In January, grocery prices were up 11.4 per cent on an annual basis, showing no signs of a slowdown.Article content
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