New projections suggest inflation will return to 2% target in mid-2025 – six months longer than the central bank previously forecast
Businesses that pay back their loans by the end of the year are eligible to have up to one-third of their loans forgiven
Forecasters say the economy has not softened enough for the central bank to back off
The increase came as the economy added 60,000 jobs in June, driven by gains in full-time work
The long-awaited decline in food inflation has yet to come
Most forecasters expect the Bank of Canada to raise interest rates again in July
Households had greater purchasing power in Q4 2022 than before the pandemic
Latest hike came after inflation rose slightly to 4.4% in April
Link between government spending and inflation is complex
Population growth may be interfering with the BoC's efforts by propping up demand in the housing market