Central bank pulls forward its expectations for when the economy will be strong enough to handle a rise in rates.
Rising demand from individuals looking for a hedge against inflation and economic uncertainty is colliding with a supply shortage.
The comments came ahead of a Bank of Canada interest rate announcement Wednesday that is expected to reveal how the central bank is thinking about the economy and setting interest rates.
The longer price weaknesses prevail across the country, the longer interest rates are likely to stay low
Nationally, rising food prices push annual rate of inflation 0.7% higher in October
Consumer demand has held up better than expected over the summer, which has allowed for price growth in some categories as well as letting businesses pass on additional costs, economist says.
Reduced pace of price growth was broad-based, spanning goods and services.
Nationally, June inflation rate turns positive amid early stages of economic reopening
The national drop in inflation in April was fuelled by a 39.3 per cent plunge in gasoline prices, the largest year-over-year decline on record.
Pandemic causes gas prices to plummet