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Higher interest rates are working to ease price pressures in Canada and inflation is coming down, though progress to the 2% target is slow. The Bank projects that inflation will stay around 3½% until the middle of 2024, returning to target in 2025.
The cost of high inflation — Governor Tiff Macklem speaks before the Saint John Region Chamber of Commerce (11:45 (ET) approx.).
These forecasts are provided to Governing Council in preparation for monetary policy decisions. They are released once a year with a five-year lag.
Michael is a Research Assistant at the Bank.
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