Inflation in Canada could halve by the end of the year
Looks like the Canadians can take a break from their worries about money.
Experts assure that the rate of inflation will fall significantly in the very next few months.
A report from RSM Canada, a global accounting firm, predicts that the price increases recently witnessed by Canadians will slow markedly this year and that inflation could drop from 0.5 to 3 percent by the end of 2023 and continue to decline in 2024.
This 2 percent drop in inflation is important: this is the goal the Bank of Canada is pursuing by increasing the interest rate at the moment.
While economists believe that the central bank is done with rate hikes for now, the RSM predicts that things could get worse. According to their report, the rate hike will last until the middle of this year and could reach 4.75 percent.
"As inflation continues to rise, we expect the Bank of Canada to continue to raise interest rates to cool the overheated economy," the RSM chief economist said.
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