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, as on the previous two occasions rates were raised by 0.50%, after calling a 0.75% rise last September and a 1% upsurge in July. Yesterday, the Bank raised its interest rate by only 0.25%. This is despite the fact that that overall, Canada’s economic growth has fared better than has been expected, with the economy remaining in a state of excess demand. However, the labor market remains tight with unemployment levels at historic lows, and firms are having difficulty finding workers.
Lower gasoline prices and more moderate costs of consumer goods have been the driving forces for expenses to fall, easing the pressure on Canadian consumers. Inflation is expected to come down significantly to 3% by the middle of 2023 before finally meeting the government’s target of 2% at some point in 2024., in the hope that it will further reduce the money supply in an additional defense against higher inflation.On a global scale, the Bank said that inflation has stayed high, yet prices are beginning to fall in many countries, mostly reflecting lower energy costs.
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