Economists see hotter inflation ahead — and higher Bank of Canada rates — via financialpost inflation
“There was no rest for those of us growing weary of escalating inflationary pressures in May.”
Weary indeed — it’s a view no doubt shared by many anxiously waiting for inflation to peak, including the Bank of Canada. But that peak is proving elusive. A further 6% rise in gas prices this month from last suggests that inflation will run even hotter in June to about 8.3%, said Brown. Though he expects the pace of price growth to slow in July if oil declines stick, he still sees inflation remaining above 7% for the rest of this year.
“We continue to see upside risks to core inflation as the economy keeps growing above its potential, and the labour market remains tight,” said Capistran, who expects the Canadian economy to grow 3.8% this year.Wednesday’s numbers make a 75-basis-point hike from the Bank of Canada in July a “near certainty,” said CIBC’s Grantham, a view shared by most on the Street. But they also suggest that the peak in interest rates could be “higher than the 2.75% we had previously predicted.
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