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Monetary Policy Report

A quarterly report of the Bank of Canada’s Governing Council, presenting the Bank’s base-case projection for inflation and growth in the Canadian economy, and its assessment of risks.

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Latest Monetary Policy Reports

April 12, 2023

Monetary Policy Report – April 2023

Monetary Policy Report – April
Inflation in Canada remains high but should come down quickly to around 3% in the middle of this year because of lower energy prices, improved supply chains and restrictive monetary policy. The Bank projects that inflation will reach the 2% target by the end of 2024.
Content Type(s): Publications, Monetary Policy Report
January 25, 2023

Monetary Policy Report – January 2023

Monetary Policy Report – January
Inflation in Canada is still too high but has declined from its peak. As the effects of higher interest rates continue to spread through the economy, and with declines in energy prices and improved supply chains, inflation is projected to fall to around 3% in the middle of 2023 and reach the 2% target in 2024.
Content Type(s): Publications, Monetary Policy Report
October 26, 2022

Monetary Policy Report – October 2022

Monetary Policy Report – October
While inflation has come off its peak, it remains too high. As the economy responds to higher interest rates and as the effects of elevated commodity prices and supply disruptions fade, the Bank expects inflation to fall to about 3% in late 2023, then return to 2% in 2024.
Content Type(s): Publications, Monetary Policy Report
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