October 23, 2024
Monetary Policy Report—October 2024—Risks
The Bank of Canada sees both upside and downside risks to the inflation outlook, but the base-case scenario is considered the most likely outcome.
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October 23, 2024
Monetary Policy Report—October 2024—In focus:
Prices change all the time, and some change more often than others. How often prices change can affect how quickly shifts in economic conditions affect inflation. -
October 23, 2024
Monetary Policy Report—October 2024—Projections
Economic growth in Canada is forecast to pick up gradually. Inflation is expected to remain around 2% as core inflation slows. -
October 23, 2024
Monetary Policy Report Press Conference Opening Statement
Governor Tiff Macklem discusses the Monetary Policy Report and the key issues involved in the Governing Council’s deliberations about the monetary policy decision. -
October 23, 2024
Bank of Canada interest rate announcement and release of the Monetary Policy Report
On Wednesday, October 23, 2024, the Bank of Canada will announce its decision on the target for the overnight rate. A press release will provide a brief explanation of the decision. The Bank will also publish its quarterly Monetary Policy Report (MPR) at the same time as the rate decision. -
October 23, 2024
Monetary Policy Report—October 2024—In focus:
The rise in unemployment since early 2023 has been mainly due to increased difficulty finding a job. Layoffs have not played a large role. -
October 23, 2024
Monetary Policy Report—October 2024—Global economy
Overall, global economic growth continues to evolve as expected. However, the composition of that growth has changed. -
October 23, 2024
Monetary Policy Report—October 2024—Canadian economy—Outlook
Economic growth in Canada is forecast to pick up gradually and average 2¼% over the projection. Inflation is expected to remain near the 2% target. -
October 23, 2024
Monetary Policy Report—October 2024—Canadian economy—Current conditions
Canadian economic activity is evolving largely as expected. Inflation is now near the middle of the Bank of Canada’s control range of 1% to 3%. -
Beyond the averages: Measuring underlying wage growth using Labour Force Survey microdata
When it comes to understanding the influence of labour costs on inflation, average wage growth is a misleading indicator because it is affected by composition effects. We propose an alternative measure that corrects for these effects by using microdata from the Labour Force Survey. Our new measure has many desirable properties, including reduced volatility and a better relationship with labour market fundamentals.