Bank of Canada governor called evidence that inflation eased in July a relief, but stopped well short of declaring victory. Read more
from a year earlier, compared with 8.1 per cent the previous month, representing the first year-over-year decrease since June 2021.
However, the slowdown was almost entirely the result of lower gasoline prices, which have an outsized influence on the headline number. There was evidence in the report that inflation actually broadened across the economy, as more than 60 per cent of the items in Statistics Canada’s price basket posted annual increases of more than three per cent,Even more alarming were the Bank of Canada’s three “core” measures of inflation, which attempt to smooth the influence of volatile prices such as oil.
“Tuesday’s inflation number offers a bit of relief, but unfortunately, it will take some time before inflation is back to normal,” Macklemfor the National Post on Aug. 16. “We know our job is not done yet — it won’t be done until inflation gets back to the two-per-cent target.” Macklem pointed to the central bank’s aggressive path of rate hikes since March; a period during which policymakers lifted the benchmark rate to 2.5 per cent from 0.25 per cent in four increases, including a
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