ICYMI: Peak prices? 'Not just yet' — What the experts say about our hot inflation — via financialpost economy inflation BoC
Gasoline prices, up 54.6 per cent since June 2021, largely added fuel to the inflation fire, according to. Oil prices peaked in the first week of June, though Canadians still saw a 6.2 per cent month-over-month increase in prices at the pump. Car costs also rose 8.2 per cent as demand outpaced supply, particularly with a global semiconductor shortage.
Canadian economists weighed in to make sense of the numbers and lend their insight on what this means for the Bank of Canada’s next move. Here’s what they had to say:“The slightly weaker than anticipated inflation readings will come as good news for central bankers trying to control price pressures. Moreover, the more recent fall in global commodity prices is seeing Canadian energy prices declining in July.
“It’s really saying something when an 8.1 per cent inflation rate is greeted with a modicum of relief in financial markets because it wasn’t quite as awful as expected… Headline inflation is likely to retreat next month on the pullback in pump prices, but will probably remain quite lofty through the second half of this year. Beyond that, the Bank will be grappling with underlying inflation which seems to be settling into about a 5 per cent clip, according to the many core metrics.
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