British Columbians shouldn’t expect much inflation relief next year compared with other provinces.
TD economist Rishi Sondhi said B.C. and Ontario can expect inflation to be “more persistent” in 2023 as they continue to deal with high housing costs even as the price of homes take a hit.
“For instance, during periods in the 1970s and 1980s goods inflation was running hot, much like today. The fever in goods inflation ultimately broke then, as commodity prices declined. Unlike the dynamic in goods prices, services inflation kept rising and peaked more than a year after that of goods.”
That’s the highest inflation rate among all provinces, while the national rate remained steady at 6.9 per cent in October.
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