Highlights of The Bank of Canada Monetary Report released October 2012 are as follows:
Global economic activity has slowed, as expected in July.
In Canada, following the recent period of below potential growth, the economy is expected to pick up and return to full capacity by the end of 2013, slightly later than in July.
The Bank projects that the economy will grow by 2.2 per cent in 2012, 2.3 per cent in 2013 and 2.4 per cent in 2014.
Core inflation is expected to increase gradually over coming quarters, reaching 2 per cent by the middle of 2013. Total CPI inflation is projected to return to target by the end of 2013, somewhat later than previously anticipated.
On 5 September and 23 October, the Bank maintained the target for the overnight rate at 1 per cent
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