Canadian Dollar: Inflation steady near target – RBC
Royal Bank of Canada (RBC) economists Abbey Xu and Nathan Janzen note that Canadian inflation rose to 3% year-over-year in July, mainly on higher energy costs, while underlying measures like CPI-trim and CPI-median stayed near the 2% target.
Royal Bank of Canada (RBC) economists report that Canadian inflation remained steady near the central bank's target at 3% year-over-year in July 2023. The primary driver was higher energy costs, with underlying inflation measures such as CPI-trim and CPI-median staying close to the 2% target. RBC analysts believe the Bank of Canada's overnight rate will likely remain unchanged through 2026.
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