A 50-bps rate hike in June is “virtually guaranteed” after April’s hot inflation reading

Author: External Author | Categories: Commercial Mortgage , First Time Home Buyer , Mortgage Agent , Mortgage Services

The cost of living continued to increase in April, raising the odds that the Bank of Canada will respond forcefully with at least a 50-basis-point rate hike at its June meeting.

Canada’s headline inflation rate rose to a 31-year high of 6.8%, driven largely by soaring food (+8.5%) and shelter (+7.4%) costs, Statistics Canada reported on Wednesday. Gasoline costs, considered a more volatile measure, registered a 36.3% jump in April, which was down from 39.8% in March.

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Original Article Source Credits:   CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/

Article Written By:  Steve Huebl

Original Article Posted on:  May 18, 2022

Link to Original Article:  https://www.canadianmortgagetrends.com/2022/05/a-50-bp-rate-hike-in-june-is-virtually-guaranteed-after-aprils-hot-inflation-reading/