Could this be the end of interest rate increases? The Bank of Canada increased its rate today to 4¼%, but softened the language it uses around future increases.
A statement from the bank said the bottlenecks that had been affecting global supply chains are loosening.
The Consumer Price Index was at 6.9% in October, though core inflation was 5% — much closer to the bank's target of 2%.
"Three-month rates of change in core inflation have come down, an early indicator that price pressures may be losing momentum," the bank stated. "However, inflation is still too high. The longer consumers and businesses expect inflation to be above the target, the greater the risk that elevated inflation becomes entrenched."
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