Statistics Canada to release July inflation reading this morning
- Statistics Canada to release July inflation reading this morning - August 16, 2022
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OTTAWA –
Statistics Canada will release July’s Inflation Data this morning.
According to economists, the inflation rate could have reached its peak due to the recent drop of gas prices. This has fueled the rise in inflation readings for May and June.
RBC forecasts that the year over-year inflation rate will drop from a near 40-year peak of 8.1% in June, to 7.7% in July.
There are signs that inflation is starting to slow as countries across the globe struggle with skyrocketing costs. The U.S. saw its inflation rate drop in July.
The Bank of Canada will announce its next key interest rate announcement Sept. 7, and will likely raise borrowing rates once again.
The central bank hopes that its interest rate increases will bring inflation down to the two percent target, without triggering an economic downturn.
This report was published by The Canadian Press on Aug. 16, 2022.
Source: CTV
