Economists are predicting an even higher reading of inflation for June as energy and food prices crept higher and economy reopened further.
This advertisement has not loaded yet, but your article continues below.The Bank of Canada said global pressures are largely to blame for soaring inflation, with the Russian invasion of Ukraine and supply chain issues putting pressure on energy and food prices.Domestically, the central bank said the economy is “overheated” as businesses struggle to find workers and demand for their products remains strong. The unemployment rate reached a record low of 4.9 per cent in June.
“Restoring price stability — low, stable and predictable inflation — is paramount,” said bank governor Tiff Macklem in a news conference following the rate announcement. CIBC senior economist Karyne Charbonneau said the Bank of Canada’s forecast for inflation declining over the next year is hinged largely on global factors, which are outside of the central bank’s control.
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