The crunch will be unprecedented in history, both in scope and size (Chart 5). In Canada, by 2031 about one in four people will be over 65. 3 As for those over 80, they are the fastest-growing segment of the older population, a group that, relative to 2000, will have nearly doubled by 2026 and quadrupled by 2051.
It’s clear that inflation as forecast by the Eurosystem staff will fall short of the Governing Council’s price stability target not only in 2016 but probably into 2017 as well. That’s not something we should simply brush aside.