that Canada’s economy has proven stronger than expected and the labour market remains tight with wage growth at about 4 to 5 per cent.Policy makers said they expect growth to slow as higher interest rates work their way through the economy and their July Monetary Policy Report calls for real GDP growth of 1.8 per cent this year and 1.2 per cent in 2024.. Though the consumer price index has dropped from its peak of 8.1 per cent last summer to 3.
“Governing Council remains concerned that progress towards the 2 per cent target could stall, jeopardizing the return to price stability,” said the statement.
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