What will the bank of Canada's inflation rate be in 2021?

Earlier this month, the Bank of Canada said inflation was expected to remain at or above 3% - the top of the bank's 1%-3% control range - through the rest of 2021, easing back to the 2% target by 2022. read more "I think (the Bank of Canada) will be relieved," said Jimmy Jean, chief economist at Desjardins Group.

What happened to Canada's inflation rate in July 2022?

Groceries are pictured in a Vaughan, Ont., supermarket on Aug. 16, 2022. Canada's inflation rate fell to 7.6 per cent in July, according to a report Tuesday from Statistics Canada, marking the first time in 12 months that the rate has decreased from the previous month. (Evan Mitsui/CBC)

What changed in Canada in 2022?

Canadians experienced these effects almost immediately with higher gas prices at the pump and big price increases for many basic food items at the grocery store. But the other thing that changed in 2022 was inflation in the prices of services.

How did services price inflation change in 2022?

Services price inflation rose quickly through the first half of 2022, reaching about 5% this summer. With further increases in goods prices in 2022 and a rapid rise in services prices, total CPI inflation rose sharply, reaching 8.1% in June. Over the last two years, the pandemic and the war have affected lives and livelihoods.