Although lower gasoline prices have driven the decline in inflation over the last year, rising prices may start to add to inflationary pressures.
The Bank of Canada’s key interest rate now sits at 5.0 per cent, the highest it’s been since 2001.
“I would freely admit that, we and most others, also thought the Bank of Canada was done, you know, after their January rate hike,” Porter said.After announcing a pause on rate hikes in January, the Bank of Canada came off the sidelines in June and started raising interest rates again in response to a hot string of economic data.But signs of softening are starting to emerge.
“It’s a tough decision to keep raising interest rates when the unemployment rate is rising,” Porter said.Article content
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