2022-11-11
Inflation in Canada has come down from 8.1% to 6.9% since June. Putting the global and Canadian outlooks together, The Bank of Canada expects inflation will hover just below 7% in the final quarter of this year, fall to around 3% by the end of next year and return to the 2% target by the end of 2024.
With a current interest rate of 3.75%, the Bank of Canada has been aggressively hiking interest rates since March in hopes of slowing down inflation, and the central bank is expected to hike them once more before the end of the year.
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