The Bank of Canada (BoC) raised interest rates by 25 basis points on Wednesday for the second straight meeting.
The BoC released a monetary policy report at the rate meeting, whichEarlier projections had forecast that inflation would fall to 2% by late 2024.
On a monthly basis, CPI rose 0.2% in June, as did Core CPI, which excludes food and energy. This was better than the 0.3% consensus estimate and lower than the May numbers. On an annualized basis, CPI fell from 4.0% to 3.0%, and the core rate dropped to 4.8%, down from 5.3%.
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