We are already seeing more evidence that tighter monetary policy is reducing price pressures for many goods and services and with the economy already or soon to be in excess Supply more downward pressure on inflation should be in the pipeline but our outlook for near-term inflation is higher let me explain the
Effects of higher interest rates are most evident in the prices for durable goods like furniture and appliances the people often buy on credit and these effects have also spread to many semi- durables categories that a category that includes things like like um clothing and Footwear as well as many services
Excluding shelter inflation in these categories is now running generally at or below 2% price increases for groceries while still elevated at almost 6% have also eased and are expected to moderate further despite this we’ve revised up our outlook for inflation higher energy prices structural pressures in our housing market and stickiness and
Underlying inflation are all slowing the return to Target higher Global oil prices have driven up gasoline prices and we now expect oil prices to remain higher than we assumed in July inflation and Sh shelter Services is running above 6% part of this is due to higher mortgage interest
Cost cost following increases in our own policy interest rate but it also reflects higher rents and other housing costs and these pressures are more related to the structural shortage of housing Supply finally near-term inflation expectations and wage growth remain elevated and corporate pricing behavior is normalizing only slowly all this is making underlying
Inflation more persistent the combined impact of all these factors is that we now expect expect inflation to be about 35% through till about the middle of next year as exx as excess Supply in the economy increases inflation should ease further in 2024 and reach 2% in 2025 there are both upside and downside
Risk to this inflation forecast and the future path for inflation is uncertain overall inflationary risks have increased since July today’s forecast has inflation on a higher path than we expected in addition Rising Global tensions are increasing risks in a more hostile World Energy prices could move up sharply Supply
Chains could become disrupted again and all of that could push up inflation again around the world to be confident that our policy rate is high enough to get inflation back to 2% we need to see more easing in our measures of core inflation we remain focused on a number of indicators of
Underlying inflationary pressures particularly the balance between demand and Supply in the economy inflation expectations wage growth and corporate pricing Behavior
Bank of Canada Gov. Tiff Macklem says that inflationary risks are increasing and although monetary policy is working, progress has been slow.
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I've officially joined the community!?
Tell me canadian banks are going bankrupt, Without telling me they are becoming bankrupt! Rofl
Thank you liberal & NDP voters. Solid job ya’ll. ??
Keep increasing your carbon tax that directly increases the cost of goods and groceries and THEN say you need to keep interest rates high LMFAO.
Enjoy your steak dinner and wine tonight…cuz the average Canadian won't. This guy needs to be replaced like Justin needs to go!!
Also blames higher energy prices BUT then we don't want to refine Alberta oil for Canadians YET we import oil from the middle east – that YOU just KNOW is going to be higher real soon! LOL
Everyone knows inflation is going up, and risk is that it will go way up. Why doesn't BOC hike the interest rate by 50 points, or at least 25 points? This is the worst decision ever made by BOC. Can we ask for a change of leadership in BOC? Incompetency shouldn't be tolerated for such an important job.
How is this guy not fired yet ?
With 9 billion unaccounted for this criminal belongs in front of wall..fir e
Gee, who could have guessed that the federal government massively and rapidly inflating the currency supply would cause massive and rapid inflation?
Peace river Alberta. Almost $5 for one orange. 6% increase in groceries? I think not. Maybe in Ottawa but not in Alberta.
Trudopes gotta go
This bankster needs to be fired.
I always wondered what happened to Garth Algar – he is now Governor of the Bank of Canada
Audio is super low on this!
nothing more than a clown
2 faced and snot nosed banker.
The government needs to stop wasting tax payers money ? stealing it is a better word . Stop printing money ! Self righteous idiots are running the show .
This speach is for information and to use language that absolves the liberals of any responsibility. Higher oil prices are the reason for gas prices? It doesn't have anything to do with higher taxes? This is a joke the bank of Canada rubber stamp anything Trudeau wants they are not independent no institution in canada is.
These guys are enjoying with public money, they are life time earners, employees of BDC
This a-hole totally destroyed Canadian economy. Food prices keep going up. How is it working? When interest rate was low at least we had money to pay for grocery. Now we are being hit by both rising mortgage payments and grocery bills
Grocery prices higher now than before thanksgiving