On Wednesday, the Federal Reserve chose to keep current interest rates unchanged, implying that any rate decreases may not occur until December. This decision is consistent with the Fed's assessment of an economy that has performed consistently across key parameters in recent years. Fed Chair Jerome Powell stated that the current economic conditions, which are marked by strong growth and low unemployment, do not need quick rate adjustments.<o:p></o:p>

<h2 class="MsoNormal">Focus on inflation and the labour market<o:p></o:p></h2>

Powell remarked that the Federal Reserve is content with its present rate policy until there is a dramatic change in economic signals, such as a sharp drop in inflation or an increase in unemployment. "These dynamics can continue for as long as they continue," Powell said at a press conference concluding the two-day policy meeting. He added that inflation had declined without significantly affecting the economy, implying that this trend may continue.<o:p></o:p>

Because of the Fed's conservative approach, inflation is likely to gradually fall to the 2 per cent target. The central bank's preferred inflation measure, the personal consumption expenditures (PCE) price index, is expected to remain essentially steady for the rest of the year, with only a quarter-point rate drop planned.<o:p></o:p>

<h2 class="MsoNormal">Market reactions and future projections<o:p></o:p></h2>

The market reacted positively, with the S&amp;P 500 and Nasdaq Composite indexes closing considerably higher. In reaction, the US currency and Treasury yields plummeted. Investors mostly maintained their forecasts for quarter-point rate cuts in September and December, suggesting confidence in the Fed's strategic posture.<o:p></o:p>

Powell admitted that future rate decreases would be based on thorough data analysis, including inflation patterns, labour market conditions, and overall economic development. "We don't make decisions about future meetings until we get there," he stated, highlighting the Fed's data-driven strategy.<o:p></o:p>

<h2 class="MsoNormal">Long-term economic outlook<o:p></o:p></h2>

Despite a weak first quarter, the Fed expects the economy to grow at an above-trend rate of 2.1 per cent this year, with unemployment remaining stable at 4 per cent. The policy statement underlined the persistence of strong employment gains and robust economic activity.<o:p></o:p>

The Federal Reserve also raised its long-term "neutral" rate, which is necessary to keep inflation under control while preserving growth, from 2.6 per cent to 2.8 per cent. This change reflects the Fed's forecast for longer-term inflationary pressures.<o:p></o:p>

Powell pointed out that, while the long-term rate adjustment has no direct impact on short-term rate projections, the Fed is regularly monitoring the restrictiveness of its monetary policy, which has been severely tightened over the previous two years to combat high inflation following the epidemic.<o:p></o:p>

(With inputs from Agencies)<o:p></o:p>

On Wednesday, the Federal Reserve chose to keep current interest rates unchanged, implying that any rate decreases may not occur until December. This decision is consistent with the Fed's assessment of an economy that has performed consistently across key parameters in recent years.

On Wednesday, the Federal Reserve chose to keep current interest rates unchanged, implying that any rate decreases may not occur until December. This decision is consistent with the Fed's assessment of an economy that has performed consistently across key parameters in recent years. Fed Chair Jerome Powell stated that the current economic conditions, which are marked by strong growth and low unemployment, do not need quick rate adjustments. Focus on inflation and the labour market Powell remarked that the Federal Reserve is content with its present rate policy until there is a dramatic change in economic signals, such as a sharp drop in inflation or an increase in unemployment. "These dynamics can continue for as long as they continue," Powell said at a press conference concluding the two-day policy meeting. He added that inflation had declined without significantly affecting the economy, implying that this trend may continue. Because of the Fed's conservative approach, inflation is likely to gradually fall to the 2 per cent target. The central bank's preferred inflation measure, the personal consumption expenditures (PCE) price index, is expected to remain essentially steady for the rest of the year, with only a quarter-point rate drop planned. Market reactions and future projections The market reacted positively, with the S&P 500 and Nasdaq Composite indexes closing considerably higher. In reaction, the US currency and Treasury yields plummeted. Investors mostly maintained their forecasts for quarter-point rate cuts in September and December, suggesting confidence in the Fed's strategic posture. Powell admitted that future rate decreases would be based on thorough data analysis, including inflation patterns, labour market conditions, and overall economic development. "We don't make decisions about future meetings until we get there," he stated, highlighting the Fed's data-driven strategy. Long-term economic outlook Despite a weak first quarter, the Fed expects the economy to grow at an above-trend rate of 2.1 per cent this year, with unemployment remaining stable at 4 per cent. The policy statement underlined the persistence of strong employment gains and robust economic activity. The Federal Reserve also raised its long-term "neutral" rate, which is necessary to keep inflation under control while preserving growth, from 2.6 per cent to 2.8 per cent. This change reflects the Fed's forecast for longer-term inflationary pressures. Powell pointed out that, while the long-term rate adjustment has no direct impact on short-term rate projections, the Fed is regularly monitoring the restrictiveness of its monetary policy, which has been severely tightened over the previous two years to combat high inflation following the epidemic. (With inputs from Agencies)

Federal Reserve holds interest rates steady, delays rate cuts

Inflation and a cost of living crisis have grabbed the attention of economists and policy makers since the pandemic. But 2024 seems to have brought some good news for consumers and central bankers. That's because inflation concerns seem to be easing in the u.s., uk, and eurozone.

Inflation eases globally, under central banks' targets

Australia’s central bank on Tuesday decided to keep the current interest rate unchanged as it assessed the impact of past rate hikes; however, it cautioned that further tightening might be necessary in order to manage inflation effectively.

The decision was taken after a series of aggressive tightening measures by the central bank to curb inflation, which marked a pivotal moment. The decision taken to control escalating inflation rates has raised concerns, prompting discussion among experts and economists.

The RBA cash rate is currently standing at an 11-year high of 4.10 percent and has seen a cumulative increase of 400 basis points since May of the previous year. The rapid and unprecedented cycle aims to strike a balance between supply and demand, ensuring a more sustainable economic equilibrium.

However, the uncertainties&nbsp;around the economic outlook, particularly in relation to household consumption and the global economy scene, have prompted the RBA to take pause and assess the state of the country's economy.

While economic data over the past month has been mixed, indicating the need for further analysis and implying that further tightening may be required in the future, several factors such as sustained gains in housing prices, a rebound in building approvals, and a robust jobs report have raised some concerns about the effectiveness of current financial conditions. 
&nbsp;

Australia’s central bank on Tuesday decided to keep the current interest rate unchanged as it assessed the impact of past rate hikes; however, it cautioned that further tightening might be necessary in order to manage inflation effectively.

Australia’s central bank on Tuesday decided to keep the current interest rate unchanged as it assessed the impact of past rate hikes; however, it cautioned that further tightening might be necessary in order to manage inflation effectively. The decision was taken after a series of aggressive tightening measures by the central bank to curb inflation, which marked a pivotal moment. The decision taken to control escalating inflation rates has raised concerns, prompting discussion among experts and economists. The RBA cash rate is currently standing at an 11-year high of 4.10 percent and has seen a cumulative increase of 400 basis points since May of the previous year. The rapid and unprecedented cycle aims to strike a balance between supply and demand, ensuring a more sustainable economic equilibrium. However, the uncertainties around the economic outlook, particularly in relation to household consumption and the global economy scene, have prompted the RBA to take pause and assess the state of the country's economy. While economic data over the past month has been mixed, indicating the need for further analysis and implying that further tightening may be required in the future, several factors such as sustained gains in housing prices, a rebound in building approvals, and a robust jobs report have raised some concerns about the effectiveness of current financial conditions.

Australia's central bank holds interest rate amid inflation concerns

A high base effect and moderation in global commodity prices has resulted in Wholesale Price Index (WPI) falling to a near three-year low of&nbsp;(-) 0.92 per cent in April. This is the first instance in nearly three years&nbsp;(July 2020) that the inflation rate based on WPI has slipped into negative territory, according to data released by the&nbsp;Ministry of Commerce and Industry on Monday.

"Decline in the rate of inflation in April 2023 is primarily contributed by fall in prices of basic metals, food products, mineral oils, textiles, non-food articles, chemical &amp; chemical products, rubber &amp; plastic products and paper &amp; paper products," the government noted.&nbsp;

According to experts, the trend is expected to continue as the year progresses. The full-year WPI inflation is estimated to remain in the range of one to two per cent.&nbsp;

"High base effect and falling commodity prices will lend downward pressure on WPI inflation this year," Madan Sabnavis, an economist at Bank of Baroda was quoted as saying by Reuters. He added that low commodity prices will also bring down the prices of manufactured goods.&nbsp;

A lower WPI inflation rate could help in pulling retail inflation down with its lagged impact making a significant dent on the core CPI inflation.&nbsp;

The retail inflation in the country eased to 4.7 per cent in April which was an 18-month low, as against 5.7 per cent recorded in the month of March.&nbsp;

It was in July 2020 that WPI last recorded deflation at&nbsp;t (-) 0.25 per cent while the previous low was recorded in June 2020 at&nbsp;&nbsp;(-) 1.81 per cent.&nbsp;

<a href="https://www.wionews.com/videos/from-cars-to-homes-spending-in-india-booms-as-countries-battle-rising-inflation-526322">WATCH |&nbsp;From cars to homes, spending in India booms as other countries battle rising inflation</a>

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<h2>What is Wholesale Price Index?</h2>

WPI is an important measuring gauge to determine inflation in the country. It represents the price of goods at a wholesale stage i,e when they are sold in bulk and traded between organisations, not the consumers.&nbsp;

<a href="https://www.wionews.com/india-news/rbi-applies-brakes-on-repo-rate-hike-keeps-it-unchanged-at-65-579686">ALSO READ |&nbsp;RBI applies brakes on repo rate hike, keeps it unchanged at 6.5%</a>

Fiscal and monetary policy changes are influenced by changes in&nbsp;WPI and several countries use it as a measure of inflation. It is calculated by finding the difference between the WPI calculated at the start and end of the year. The percentage increase in WPI over a year gives the rate of inflation for that year.&nbsp;

(With inputs from agencies)

WATCH WION LIVE HERE:

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A high base effect and moderation in global commodity prices has resulted in Wholesale Price Index (WPI) falling to a near three-year low of (-) 0.92 per cent in April.

A high base effect and moderation in global commodity prices has resulted in Wholesale Price Index (WPI) falling to a near three-year low of (-) 0.92 per cent in April. This is the first instance in nearly three years (July 2020) that the inflation rate based on WPI has slipped into negative territory, according to data released by the Ministry of Commerce and Industry on Monday. "Decline in the rate of inflation in April 2023 is primarily contributed by fall in prices of basic metals, food products, mineral oils, textiles, non-food articles, chemical & chemical products, rubber & plastic products and paper & paper products," the government noted. According to experts, the trend is expected to continue as the year progresses. The full-year WPI inflation is estimated to remain in the range of one to two per cent. "High base effect and falling commodity prices will lend downward pressure on WPI inflation this year," Madan Sabnavis, an economist at Bank of Baroda was quoted as saying by Reuters. He added that low commodity prices will also bring down the prices of manufactured goods. A lower WPI inflation rate could help in pulling retail inflation down with its lagged impact making a significant dent on the core CPI inflation. The retail inflation in the country eased to 4.7 per cent in April which was an 18-month low, as against 5.7 per cent recorded in the month of March. It was in July 2020 that WPI last recorded deflation at t (-) 0.25 per cent while the previous low was recorded in June 2020 at (-) 1.81 per cent. WATCH | From cars to homes, spending in India booms as other countries battle rising inflation × What is Wholesale Price Index? WPI is an important measuring gauge to determine inflation in the country. It represents the price of goods at a wholesale stage i,e when they are sold in bulk and traded between organisations, not the consumers. ALSO READ | RBI applies brakes on repo rate hike, keeps it unchanged at 6.5% Fiscal and monetary policy changes are influenced by changes in WPI and several countries use it as a measure of inflation. It is calculated by finding the difference between the WPI calculated at the start and end of the year. The percentage increase in WPI over a year gives the rate of inflation for that year. (With inputs from agencies) WATCH WION LIVE HERE:

India: WPI falls into negative for first time since July 2020, govt cites high base effect as the reason

According to recent study, the cost of British essential foods like cheddar cheese, white bread, and porridge oats has increased dramatically since last year. The highest price increase was for cheddar cheese, which went up by an average of 28.3% across Aldi, Asda, Lidl, Morrisons, Ocado, Sainsbury's, Tesco, and Waitrose. According to Which?, the overall rate of food inflation increased further in March, rising to 17.2%% from 16.5% in February.

Prices of British food staples soar by up to 80%, biggest hike on white breads oats

Food and energy prices have been soaring around the world as Russia’s war in Ukraine, the lingering effects of the COVID-19 pandemic and climate change-related events weigh on the global economy. Bangladesh, Pakistan and Africa — where the vast majority of the world’s Muslims live, are among the worst hit by price surges and shortages of key supplies.

How rising prices hurt Ramadan celebrations? | Details

Millions in Argentina struggling to make ends meet as the country's annual inflation rate has skyrocketed. It has crossed the 100% mark in February 2023, reaching a 102.5%. Argentina has been in economic difficulty for many years and many people now live in poverty.

INFLATION in Argentina skyrockets to 102.5%, hits triple digits for first time since 1991

Annual inflation in Israel was at 5.3% in December of 2022, driven by the rising cost of housing, transportation, communication, and food. This is Israel's highest rate of inflation since 2008.

Israel's inflation at 5.3% in 2022, highest since 2008

The annual inflation rate of the eurozone fell for the second time in a row to 9.2 per cent in the month of December, dropping into single digits for the first time since September, stated the EU statistics agency on Friday.&nbsp;As a result of the slowdown in the increase in the rate of energy prices, the inflation rate declined from 10.1 per cent to 9.2 per cent in a month.&nbsp;

A record 10.6 per cent was touched by consumer prices in October, which is five times higher than the target of the European Central Bank.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/eurozone-inflation-hits-record-as-gas-crunch-looms-493665">Eurozone inflation hits record, as gas crunch looms</a>

The analysts had stated that the inflation rate was likely to drop again in the single currency area but the decline was larger than the figures predicted by FactSet and Bloomberg, which had estimated 9.7 per cent and 9.5 per cent, respectively.

In December, energy costs increased by 25.7 per cent compared to 34.9 per cent in November. The costs of drink and food also increased.&nbsp;

Last month, ECB chief Christine Lagarde promised to control sky-high inflation and the eurozone was warned to be prepared for more increases in rate in 2023, despite already inflated consumer prices.&nbsp;

"We are raising interest rates and we will raise them further, at a steady pace, until they are at a level which ensures a timely return of inflation to our two-percent medium-term target," said Lagarde, in a holiday message extended on December 23.

WATCH | EU Chief congratulates Croatia on joining Schengen, Eurozone

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The lowest inflation rate of 5.6 per cent was recorded in Spain in December among the 20 nations that use the euro currency, including&nbsp;Croatia which joined this month, said Eurostat.&nbsp;

This week, the decline in inflation was reported by Germany and France in December, increasing hopes that Europe may have lived through the phase of peak inflation.

(With inputs from agencies) 
&nbsp;

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The annual inflation rate of the eurozone fell for the second time in a row to 9.2 per cent in the month of December, dropping into single digits for the first time since September, stated the EU statistics agency on Friday.

The annual inflation rate of the eurozone fell for the second time in a row to 9.2 per cent in the month of December, dropping into single digits for the first time since September, stated the EU statistics agency on Friday. As a result of the slowdown in the increase in the rate of energy prices, the inflation rate declined from 10.1 per cent to 9.2 per cent in a month. A record 10.6 per cent was touched by consumer prices in October, which is five times higher than the target of the European Central Bank. ALSO READ | Eurozone inflation hits record, as gas crunch looms The analysts had stated that the inflation rate was likely to drop again in the single currency area but the decline was larger than the figures predicted by FactSet and Bloomberg, which had estimated 9.7 per cent and 9.5 per cent, respectively. In December, energy costs increased by 25.7 per cent compared to 34.9 per cent in November. The costs of drink and food also increased. Last month, ECB chief Christine Lagarde promised to control sky-high inflation and the eurozone was warned to be prepared for more increases in rate in 2023, despite already inflated consumer prices. "We are raising interest rates and we will raise them further, at a steady pace, until they are at a level which ensures a timely return of inflation to our two-percent medium-term target," said Lagarde, in a holiday message extended on December 23. WATCH | EU Chief congratulates Croatia on joining Schengen, Eurozone The lowest inflation rate of 5.6 per cent was recorded in Spain in December among the 20 nations that use the euro currency, including Croatia which joined this month, said Eurostat. This week, the decline in inflation was reported by Germany and France in December, increasing hopes that Europe may have lived through the phase of peak inflation. (With inputs from agencies)

Eurozone inflation rate falls for second month in a row, down to single digits

UK inflation hits 11.1% which is being driven by rising energy bills and food prices in a worsening cost of living crisis in the country. According to the office for National Statistics, the consumer price index hit 11.1% on an annual basis which is up from 10.1% in September.

UK inflation rises to 41-year high at 11.1%; food, energy prices soar

Back in July, the White House’s Council of Economic Advisers posted a thoughtful article to its blog titled, “Historical Parallels to Today’s Inflationary Episode.” The article looked at six surges in inflation since World War II and argued persuasively that current events don’t look anything like the 1970s. Instead, the closest parallel to 2021’s inflation is the first of these surges, the price spike from 1946-48.

Wednesday’s consumer price report was ugly; inflation is running considerably hotter than many people, myself included, expected. But nothing about it contradicted CEA’s analysis — on the contrary, the similarity to early postwar inflation looks stronger than ever. What we’re experiencing now is a lot more like 1947 than like 1979.

And here’s what you need to know about that 1946-48 inflation spike: It was a one-time event, not the start of a protracted wage-price spiral. And the biggest mistake policymakers made in response to that inflation surge was failing to appreciate its transitory nature: They were still fighting inflation even as inflation was ceasing to be a problem, and in so doing helped bring on the recession of 1948-49.

About Wednesday’s price report: It looked very much like the classic story of inflation resulting from an overheated economy, in which too much money is chasing too few goods. Earlier this year the rise in prices had a narrow base, being driven largely by food, energy, used cars and services like air travel that were rebounding from the pandemic. That’s less true now: It looks as if demand is outstripping supply across much of the economy.

One caveat to this story is that overall demand in the United States actually doesn’t look all that high; real gross domestic product, which is equal to real spending on U.S.-produced goods and services, is still about two per cent below what we would have expected the economy’s capacity to be if the pandemic hadn’t happened. But demand has been skewed, with consumers buying fewer services but more goods than before, putting a strain on ports, trucking, warehouses and more. These supply-chain issues have been exacerbated by the global shortage of semiconductor chips, together with the Great Resignation — the reluctance of many workers to return to their old jobs. So we’re having an inflation spurt.

On the plus side, jobs have rarely been this plentiful for those who want them. And contrary to the cliche, current inflation isn’t falling most heavily on the poor: Wage increases have been especially rapid for the lowest-paid workers.

So what can 1946-48 teach us about inflation in 2021? Then as now there was a surge in consumer spending, as families rushed to buy the goods that had been unavailable in wartime. Then as now it took time for the economy to adjust to a big shift in demand — in the 1940s, the shift from military to civilian needs. Then as now the result was inflation, which in 1947 topped out at almost 20 per cent. Nor was this inflation restricted to food and energy; wage growth in manufacturing, which was much more representative of the economy as a whole in 1947 than it is now, peaked at 22 per cent.

But the inflation didn’t last. It didn’t end immediately: Prices kept rising rapidly for well over a year. Over the course of 1948, however, inflation plunged, and by 1949 it had turned into brief deflation.

What, then, does history teach us about the current inflation spike? One lesson is that brief episodes of overheating don’t necessarily lead to 1970s-type stagflation — 1946-48 didn’t cause long-term inflation, and neither did the other episodes that most resemble where we are now: World War I and the Korean War. And we really should have some patience: Given what happened in the 1940s, pronouncements that inflation can’t be transitory because it has persisted for a number of months are just silly.

Oh, and for what it’s worth, the bond market is in effect predicting a temporary bump in inflation, not a permanent rise. Yields on inflation-protected bonds maturing over the next couple of years are strongly negative, implying that investors expect rapid price rises in the near term. But longer-term market expectations of inflation have remained stable.

Another lesson, which is extremely relevant right now (hello, Sen. Manchin), is that an inflation spurt is no reason to cancel long-term investment plans. The inflation surge of the 1940s was followed by an epic period of public investment in America’s future, which included the construction of the Interstate Highway System. That investment didn’t reignite inflation — if anything, by improving America’s logistics, it probably helped keep inflation down. The same can be said of the Biden administration’s spending proposals, which would do little to boost short-term demand and would help long-term supply.

So yes, that was an ugly inflation report, and we hope that future reports will look better. But people making knee-jerk comparisons with the 1970s and screaming about stagflation are looking at the wrong history. When you look at the right history, it tells you not to panic.

Back in July, the White House’s Council of Economic Advisers posted a thoughtful article to its blog titled, “Historical Parallels to Today’s Inflationary Episode.

Back in July, the White House’s Council of Economic Advisers posted a thoughtful article to its blog titled, “Historical Parallels to Today’s Inflationary Episode.” The article looked at six surges in inflation since World War II and argued persuasively that current events don’t look anything like the 1970s. Instead, the closest parallel to 2021’s inflation is the first of these surges, the price spike from 1946-48. Wednesday’s consumer price report was ugly; inflation is running considerably hotter than many people, myself included, expected. But nothing about it contradicted CEA’s analysis — on the contrary, the similarity to early postwar inflation looks stronger than ever. What we’re experiencing now is a lot more like 1947 than like 1979. And here’s what you need to know about that 1946-48 inflation spike: It was a one-time event, not the start of a protracted wage-price spiral. And the biggest mistake policymakers made in response to that inflation surge was failing to appreciate its transitory nature: They were still fighting inflation even as inflation was ceasing to be a problem, and in so doing helped bring on the recession of 1948-49. About Wednesday’s price report: It looked very much like the classic story of inflation resulting from an overheated economy, in which too much money is chasing too few goods. Earlier this year the rise in prices had a narrow base, being driven largely by food, energy, used cars and services like air travel that were rebounding from the pandemic. That’s less true now: It looks as if demand is outstripping supply across much of the economy. One caveat to this story is that overall demand in the United States actually doesn’t look all that high; real gross domestic product, which is equal to real spending on U.S.-produced goods and services, is still about two per cent below what we would have expected the economy’s capacity to be if the pandemic hadn’t happened. But demand has been skewed, with consumers buying fewer services but more goods than before, putting a strain on ports, trucking, warehouses and more. These supply-chain issues have been exacerbated by the global shortage of semiconductor chips, together with the Great Resignation — the reluctance of many workers to return to their old jobs. So we’re having an inflation spurt. On the plus side, jobs have rarely been this plentiful for those who want them. And contrary to the cliche, current inflation isn’t falling most heavily on the poor: Wage increases have been especially rapid for the lowest-paid workers. So what can 1946-48 teach us about inflation in 2021? Then as now there was a surge in consumer spending, as families rushed to buy the goods that had been unavailable in wartime. Then as now it took time for the economy to adjust to a big shift in demand — in the 1940s, the shift from military to civilian needs. Then as now the result was inflation, which in 1947 topped out at almost 20 per cent. Nor was this inflation restricted to food and energy; wage growth in manufacturing, which was much more representative of the economy as a whole in 1947 than it is now, peaked at 22 per cent. But the inflation didn’t last. It didn’t end immediately: Prices kept rising rapidly for well over a year. Over the course of 1948, however, inflation plunged, and by 1949 it had turned into brief deflation. What, then, does history teach us about the current inflation spike? One lesson is that brief episodes of overheating don’t necessarily lead to 1970s-type stagflation — 1946-48 didn’t cause long-term inflation, and neither did the other episodes that most resemble where we are now: World War I and the Korean War. And we really should have some patience: Given what happened in the 1940s, pronouncements that inflation can’t be transitory because it has persisted for a number of months are just silly. Oh, and for what it’s worth, the bond market is in effect predicting a temporary bump in inflation, not a permanent rise. Yields on inflation-protected bonds maturing over the next couple of years are strongly negative, implying that investors expect rapid price rises in the near term. But longer-term market expectations of inflation have remained stable. Another lesson, which is extremely relevant right now (hello, Sen. Manchin), is that an inflation spurt is no reason to cancel long-term investment plans. The inflation surge of the 1940s was followed by an epic period of public investment in America’s future, which included the construction of the Interstate Highway System. That investment didn’t reignite inflation — if anything, by improving America’s logistics, it probably helped keep inflation down. The same can be said of the Biden administration’s spending proposals, which would do little to boost short-term demand and would help long-term supply. So yes, that was an ugly inflation report, and we hope that future reports will look better. But people making knee-jerk comparisons with the 1970s and screaming about stagflation are looking at the wrong history. When you look at the right history, it tells you not to panic.

History says don’t panic about inflation

As restrictions imposed to curb the coronavirus outbreak in Canada are eased, the country's annual inflation rate in June has witnessed its biggest jump.

Canada inflation rate jumps highest in 9 years

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