Bank of Canada says inflation will near 5% by end of year, staying higher for longer than forecast

During a news conference on Wednesday, Bank of Canada governor Tiff Macklem said as a result of ongoing supply chain disruptions and higher energy prices, the central bank now forecasts that annual inflation rates will continue their upward to nearly five per cent by the end of the year before coming back to its two per cent target by the end of 2022.

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