January 24, 2024
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January 24, 2024
Interest rates are working to moderate spending and inflation is easing gradually, though underlying pressures are proving persistent. The Bank projects that inflation will stay around 3% through the first half of 2024, returning to target in 2025.
Monetary Policy Report – January 2024
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Publications,
Monetary Policy Report
January 24, 2024
Monetary Policy Report Press Conference Opening Statement
Governor Tiff Macklem discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR.
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Press,
Speeches and appearances,
Opening statements
January 15, 2024
Results from the Business Outlook Survey and the Business Leaders’ Pulse show that with high interest rates and soft demand, firms’ sales growth has slowed over the past 12 months. Firms are less optimistic about current business conditions than they were last quarter, but they expect their sales growth to stabilize in the coming year. With competition returning and demand remaining soft, businesses’ pricing behaviour is slowly returning to normal.
Business Outlook Survey—Fourth Quarter of 2023
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Publications,
Business Outlook Survey
January 15, 2024
Consumers believe inflation has fallen, but their expectations for inflation in the near term are showing little progress in returning to pre-pandemic levels. Slow progress may be due to persistently high inflation expectations for services such as rent. In addition, consumers increasingly think domestic factors, such as high government spending, are supporting high inflation, and they believe these factors will take longer to resolve than global factors. Consumers have adjusted their behaviour in response to prolonged high inflation—more people are paying attention to inflation and changing their spending habits. However, actions that may support inflation, such as seeking wage increases to offset it, are dissipating. The negative effects of high interest rates are broadening, and indicators of household financial stress are deteriorating. Consumers remain uncertain about the economic outlook, and this uncertainty is weighing on their spending plans. Workers think the labour market has weakened slightly. However, expectations for wage growth remain high, supported by cost-of-living adjustments in some workers’ wage contracts.
Canadian Survey of Consumer Expectations—Fourth Quarter of 2023
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Publications,
Canadian Survey of Consumer Expectations