The rise in headline inflation to a six-year high of 2.5% in June, from 2.2%, left it above the Bank of Canada’s forecast, while two of the Bank’s three measures of core inflation are now in line with the 2% target mid-point. As the Bank has only just raised interest rates and pledged to take “a gradual approach”, however, we doubt that it will be considering another rate rise at its next meeting in September.
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