July 13, 2022
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July 13, 2022
The Canadian economy is now clearly in excess demand, and inflation is high and broadening. The Bank is projecting inflation to decline to about 3% by the end of 2023, and to return to the 2% target by the end of 2024.
Monetary Policy Report – July 2022
Content Type(s):
Publications,
Monetary Policy Report
July 4, 2022
Household differences and why they matter
Differences in income, wealth and debt across households are important—for the economy, for the health of the financial system and for monetary policy.
Content Type(s):
Publications,
The Economy, Plain and Simple
Topic(s):
Central bank research,
Coronavirus disease (COVID-19),
Domestic demand and components,
Economic models,
Housing,
Inflation and prices,
Labour markets,
Monetary policy,
Monetary policy framework,
Recent economic and financial developments
July 4, 2022
Results from the Business Outlook Survey for the second quarter of 2022, along with those from the April, May and June 2022 Business Leaders’ Pulse surveys, suggest that capacity pressures remain elevated and expectations of significant price increases continue to be widespread. Firms anticipate that sales growth will begin to moderate from exceptionally high rates as signs of greater uncertainty emerge.
Business Outlook Survey—Second Quarter of 2022
Content Type(s):
Publications,
Business Outlook Survey
July 4, 2022
This survey took place between April 28 and May 13, 2022. Follow-up interviews took place in June. Consumers’ expectations for inflation have risen, alongside concerns about prices for food, gas and rent. Short-term expectations are at record-high levels. Long-term inflation expectations increased significantly in the second quarter of 2022, returning to the levels they were at before the COVID-19 pandemic. Most people believe the Bank of Canada can achieve its inflation target. However, some think the process of bringing inflation down will be difficult for the Bank of Canada. Expectations for higher inflation and rising interest rates weigh on consumer confidence. People expect that credit conditions will worsen and wage growth will not keep up with inflation. Flexible work arrangements could attract more people into the labour force.
Canadian Survey of Consumer Expectations—Second Quarter of 2022
Content Type(s):
Publications,
Canadian Survey of Consumer Expectations