‘Tough’ 6-12 months ahead for Canadians amid inflation, rate hikes: expert – Business News & More Latest News

‘Tough’ 6-12 months ahead

The Canadian Press – | Story: 375707

As Canadians face a double whammy of skyrocketing inflation and the biggest curiosity rate hike seen in 24 years, one expert is warning that costs will not be coming down anytime quickly.

Carleton University economics professor Vivek Dehejia says there could also be “some relief” in sight, however not a complete lot, and expects a “tough six months to a year for average Canadians.”

He says the strain factors that performed an enormous function in pushing inflation to a close to 40-12 months excessive “are still in play,” specifically ongoing provide chain disruptions, labour shortages and the conflict in Ukraine, which is driving gasoline and meals costs up, with no sign of ending.

Dehejia would not suppose the way forward for Canada is one the place it will likely be too costly to easily stay, although, as costs will ultimately stabilize and wages and salaries will rise.

The Bank of Canada elevated its key curiosity rate by one share level Wednesday as inflation within the nation runs properly over seven per cent.

In his opening assertion Wednesday, Bank of Canada governor Tiff Macklem acknowledged that “higher interest rates will add to the difficulties that Canadians are already facing with high inflation,” however stated the choice to entrance-load will increase now could be brief time period ache that’s essential to deliver inflation down for the long run.

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