Economists are predicting that the rise of the inflation rate in July will make it difficult for the Bank of Canada not to intervene.
Canada’s annual inflation rate fell to 2.8 per cent in June — landing within the Bank of Canada’s target range of one to three per cent. But the inflation rate rose to 3.3 per cent in July and economists are predicting the Bank of Canada may have to become involved in dealing with inflation.
According to Statistics Canada, the increase was a result of gasoline prices falling less on a year-over-year basis then they did in June 2022.
Nojourd Al Mallees filed a story about inflation rate increase for The Canadian Press. To read the story, click HERE.