As inflation inches closer to 3%, economists warn progress will stall this year
BNN Bloomberg
As inflation inches closer to three per cent, economists are warning the steady monthly declines in annual price growth will stall and even potentially reverse in the second half of the year.
Statistics Canada is set to release its consumer price index report for June next week, and forecasters are anticipating the annual inflation rate fell from 3.4 per cent in May.
"We're expecting a deceleration to three per cent year-over-year. And that's really mainly because the gasoline prices we're paying today are being compared with the very peaks of what we saw last year," said Andrew Grantham, an executive director of economics at CIBC.
But inflation isn't expected to fall much further this year, making the journey back to the two per cent target a long and tumultuous one.
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Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Statistics Canada says retail sales were up 1.1 per cent at $70.7 billion in January, led by sales at motor vehicle and parts dealers.
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