Canada\u0027s Consumer Price Index rose 3.3% from the year before following a 2.8% increase in June, Statistics Canada said. Read more
The CPI had gradually been pulling back from a four-decade peak of 8.1 per cent in June 2022 as base-year effects, such as high gasoline prices, no longer factored into the calculation. That prompted the Bank of Canada to pause its rate-hiking regime in January.Bank of Canada increased interest rates
in both June and July to continue its inflation-fighting stance. The policy rate is now five per cent, the highest it’s been since 2001. “There’s no sense sugar coating this one — it is not a good report for the Bank of Canada,” Douglas Porter, Bank of Montreal’s chief economist, said in a note to clients. “While the bank had anticipated a back-up in headline inflation in their latest forecast, July’s result is already at their call for all of Q3 , and the August reading is almost certainly set to be even higher.
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