USW Manufacturing Update – January 2022

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Inflation for the month increased to 5.1% on a year-over-year basis, up from 4.8% in December. (Excluding gasoline, the inflation rate for December declines to 4.3%.) High inflation remains an issue as global supply-chain constraints and labour shortages in addition to persistent demand continue to drive up prices. While the Bank of Canada maintained the overnight interest rate at 0.25% in January, Governor Macklem’s tone was consciously hawkish. The Bank of Canada ended its forward guidance policy (its public commitment to maintain low interest rates) and communicated that Canadians should expect a rising path for interest rates in 2022- citing capacity pressures and a tightening labour market.

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