Year-over-year and three-month measures of core inflation are now both running at about 3.5%, indicating there has been little recent downward momentum in underlying inflation. With the recent increase in gasoline prices, CPI inflation is expected to be higher in the near term before easing again. After easing to 2.8% in June, CPI inflation moved up to 3.3% in July, averaging close to 3% in line with the Bank’s projection. Recent CPI data indicate that inflationary pressures remain broad-based. However, wage growth has remained around 4% to 5%. The tightness in the labour market has continued to ease gradually. Final domestic demand grew by 1% in the second quarter, supported by government spending and a boost to business investment. Household credit growth slowed as the impact of higher rates restrained spending among a wider range of borrowers. This reflected a marked weakening in consumption growth and a decline in housing activity, as well as the impact of wildfires in many regions of the country. Economic growth slowed sharply in the second quarter of 2023, with output contracting by 0.2% at an annualized rate. The Canadian economy has entered a period of weaker growth, which is needed to relieve price pressures. Global bond yields have risen, reflecting higher real interest rates, and international oil prices are higher than was assumed in the July Monetary Policy Report (MPR). In Europe, strength in the service sector supported growth, offsetting an ongoing contraction in manufacturing. In the United States, growth was stronger than expected, led by robust consumer spending. With ongoing weakness in the property sector undermining confidence, growth prospects in China have diminished. Global growth slowed in the second quarter of 2023, largely reflecting a significant deceleration in China. Inflation in advanced economies has continued to come down, but with measures of core inflation still elevated, major central banks remain focused on restoring price stability. The Bank is also continuing its policy of quantitative tightening. If you want to check the bank's historical exchange rate information, please go to "Inquiry for Historical Foreign Exchange Rate".The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The exchange rate information on this page displays the "Foreign Exchange Rate - Business Hours" during the bank's business hours, and "Foreign Exchange Rate - Non-Business Hours" during the bank's non-business hours.This webpage card informs exchange rate information shows for the static behavior, the card shown informs exchange rate information will not continue unusual fluctuation and upgrade information automatically afterwards, want to learn new brand of our bank the most please press ' obtain the newest quotation ' the button to inform exchange rate information.Real prices at the banking counter are according to our quote prices at that time in transaction. Real prices in net bank are according to the display prices at that time in transaction.The Information provided here is only for your reference, and does not represent any real price in transactions.
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