The excess savings that built up in Canadians’ bank accounts over the pandemic - and that Finance Minister Chrystia Freeland referred to as “pre-loaded stimulus” - is being quickly eroded by inflation, according to a Bay Street economist
Canada's national annual inflation rate was 6.8 per cent in April, Statistics Canada says.
Canadian consumer price inflation accelerated to a fresh three-decade high, adding pressure on the nation’s central bank to continue with aggressive interest rate hikes in coming weeks.
Canadian inflation is our top priority today. The median estimate among economists tracked by Bloomberg is for a second consecutive year-over-year surge of 6.7 per cent when Statistics Canada releases its April consumer price index at 8:30 a.m.
U.S. Federal Reserve Chair Jerome Powell, in his most hawkish remarks to date, said the U.S. central bank will keep raising interest rates until there is “clear and convincing” evidence that inflation is in retreat.
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