Economists are predicting the Bank of Canada will hike its key interest rate by three\u002Dquarters of a percentage point on Wednesday.
In Canada, inflation hit a 39-year-high of 7.7% in May — well above the 2% target rate central banks typically aim for.
“With the economy essentially at full employment, wages starting to stir meaningfully, and headline inflation poised to test 8% in this month’s consumer price index report, the Bank of Canada’s task is clear at next week’s decision,” wrote BMO chief economist Douglas Porter in a weekly report on Friday.
HSBC chief economist David Watt said the Bank of Canada can bring down inflation driven by domestic factors, but when it comes to global factors such as oil prices, the bank is in a tougher spot. The Bank of Canada’s most recent business outlook survey showed Canadians believe inflation will remain higher than previously expected — and for a while. Canadians expect inflation to be at 4% five years from now, the survey found.
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