As the Bank of Canada waits for the right moment to start cutting interest rates, some economists are arguing that its decision shouldn’t hinge on the housing market. Canada’s inflation rate has edged up and down over the last several months after dropping from its 2022 highs as global price pressures fade and the economy cools. Statistics Canada is set to release its January consumer price index report on Tuesday and forecasters expect Canada’s inflation rate fell.
RBC, CIBC and TD all project the annual rate eased to 3.2 per cent, down from 3.4 per cent in December. Nathan Janzen, RBC’s assistant chief economist, says the slowdown was likely driven by energy and food prices. “Gasoline prices were lower than a year ago in January and food price growth probably continued to slow on a year over-year-basis,” he said. “I think the attention will be more focused on the other components of CPI, just watching for signs that broader inflation pressures are continuing to slow, if only at a gradual pace
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