The weather wasn’t the only thing heating up on the West Coast last month.
B.C.’s inflation rate bucked national trends, rising from 2.6 per cent to 2.8 per cent between June and July, according to Tuesday date from Statistics Canada.
Canada’s inflation rate, meantime, cooled from 2.7 per cent to 2.5 per cent during that same period.
RBC economist Claire Fan said in a note the national figures “should be enough to quell concerns about sticky inflation pressures in Canada.”
She forecasts the Bank of Canada cutting its overnight rate another 25 basis points during its next decision in September.
Those sentiments were echoed by economist Benjamin Reitzes, BMO’s managing director of Canadian rates.
“There's no urgency for policymakers to act more aggressively at this point, but rate cuts will keep coming as inflation continues to move toward 2 per cent,” he said in a note.
