[Firebot]

Originally Posted by fundmark19

Inflation down a bit more to 6.9%. We are at least trending in the right direction. https://www.cbc.ca/news/business/can...tion-1.6621413

A reminder that a year ago our inflation rate rose to 4.4%, and the BoC was still calling it transitory and held rates steady at 0.25%

In setting monetary policy, the Bank seeks to look through such
transitory movements in CPI inflation and focuses on a set of “core”
inflation measures that better reflect the underlying trend of inflation.
In this sense, these measures act as an operational guide to help the
Bank achieve the CPI inflation target. They are not a replacement for
CPI inflation.

The Bank views the risks to the outlook for inflation to be roughly
balanced around its updated projection. However, with inflation above the
top of the Bank’s inflation-control range and expected to stay there for
some time, the upside risks are of greater concern. While the Bank views
elevated inflation as transitory, the realization of additional upside risks
or unanticipated persistence of existing pressures could lead to a rise in
inflation expectations along with more pervasive labour cost and inflationary
pressures.

https://www.bankofcanada.ca/wp-conte...2021-10-27.pdf

Now, 6.9% is inflation going down.

Also note that the bank's most recent release has us back to 3% by end of 2023 with current rate hikes.

The Canadian economy is now clearly in excess demand, and inflation is high and broadening. The Bank is projecting inflation to decline to about 3% by the end of 2023, and to return to the 2% target by the end of 2024.

Let's check back in October 2023 and see where we are.