The consumer price index rose 6.9 per cent from a year ago, in line with economist expectations and matching the increase in September, Statistics Canada reported Wednesday. The index gained 0.7 per cent during the month, a touch lighter than the 0.8 per cent month-on-month gain forecast by economists.Bonds fell, with Canada’s two-year yield rising to 3.877 per cent at 8:43 a.m. Ottawa time, about 3.5 basis points higher than its level prior to the data release.
October’s numbers suggest taming inflation is “going to be a marathon, it’s not going to be a spring. It’s going to take time before we see some conclusive evidence” of price pressures abating, Jimmy Jean, chief economist at Desjardins Securities, told BNN Bloomberg television after the release. Pushing inflation higher in October were rising prices for gasoline, which jumped 9.2 per cent on the month. Slower price growth for natural gas and groceries, however, helped offset that effect.
BoC will never achieve 2% inflation not even 3% and inflation will never go in 2023 definitely and high rates will stay until 2024-2025 because financial institutions offering 4-5 years GIC at 4.5% so speculators and house flippers don’t expect housing boom, you will disappear
Get a modest return on your GIC everybody
Just to put that into context since everyone is so fixated on the trajectory. The last time we were this high was in 1983 and the BOC overnight rate was 9.50%.
50bps rate hike in December at a minimum. Oil spikes so will inflation. Inflation will not go down as easily and should remain elevated well into next year. Should still see a couple more rate hikes in 2023. Housing boom is over...won't be a hot market in 2023 guaranteed
It's justinflation
75 bps over nite interest rate hike in December frim bankofcanada is now a certainty. More hikes early next year.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BNNBloomberg - 🏆 83. / 50 Read more »