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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.
Economic Progress Report — Deputy Governor Toni Gravelle speaks before the Windsor-Essex Regional Chamber of Commerce (12:50 (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.
M.A. University of Ottawa
Kevin Dunn is a Policy Advisor in the Supervision Department (SUP) of the Bank of Canada.
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