finance
Bank of Canada Report Notes Cost of Living and Housing Concerns Alongside Support for 2% Inflation Target
A Bank of Canada report found Canadians in visited communities expressed worry over living costs and called for housing action. It recorded support for the 2% inflation target alongside reduced trust in official data.
Jun 25, 3:03 PM·1m read1 source
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A Bank of Canada report stated that Canadians across all communities visited expressed concern about the cost of living, @FirstSquawk reported. The same report flagged cost-of-living and housing concerns as key public issues. Stakeholders expressed support for the bank's flexible inflation-targeting framework and 2% inflation target.
The report said a disconnect between official inflation data and daily experiences has reduced trust in CPI data and the Bank of Canada. Private-sector economists said the Bank of Canada used too many core inflation measures over the past decade and should focus more on total inflation. Participants in community consultations called for action to address Canada's housing crisis.
Younger participants said they have given up on the prospect of owning a home in the future.
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