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Bank of Canada forecasts inflation will fall to 3% by end of year

The Bank of Canada predicts inflation will remain at about five per cent until mid-2022, after which it will fall “fairly quickly” to about three per cent by the end of the year. Governor Tiff Macklem said while Omicron is a “wild card,” he expects demand on goods will ease as supply chain issues eventually get sorted out and demand shifts back to services after the fifth COVID-19 wave.