But core inflation could prove a little more sticky. The measure, which excludes volatile food and energy prices, ticked up to five per cent in November, from 4.9 per cent in October,
A wild card in the form of unexpected wage increases could also put added pressure on services. If that happens, prices could rise five per cent or more in the first part of 2023, BMO said. The economy won’t be able to escape central bankers’ medicine to tame inflation, and BMO predicts Canada will succumb to a mild recession sometime in 2023. The timing isn’t clear thanks to strong consumer spending which helped propped up the economy late into 2022. But, make no mistake, “monetary policy ultimately does work,” the note said.
“Lofty policy pronouncements of cranking up housing starts will be no match for the cyclical reality of high interest rates, suddenly soggy demand and falling home prices,” Porter said.Article content
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