Inflation appears to be stabilizing in Canada, according to October data, but a return to normal is still a long way off.
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“Inflation is gradually returning to slightly more normal levels, but you have to understand that this path to normality will still be very difficult,” Benoit Durocher, chief economist at Desjardins Group, said in an interview with LCN.
It may take a long time to return to a “normal” level of inflation.
“It will take time, above all, before we have a situation back into the BoC’s target range,” the economist adds.
In addition to higher gasoline prices, housing, particularly municipal taxes, played a role in the inflation rate in October, according to Mr. Durocher.
However, the situation appears positive.
“We’re up to 47% of the components of the inflation basket showing deceleration in inflation right now, so that’s still encouraging,” says Benoit Durocher.
Watch the full interview in the video above.
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