The core rate of inflation - a measure that removes the eight most volatile components of the consumer price index - will likely move down close to the bottom of our 1 to 3 per cent inflation-control range early next year, before starting to move back up towards 2 per cent.
On the Bank’s latest fixed announcement date last week, we decided to leave our key policy rate unchanged. In doing so, we noted a few developments that have altered our outlook since we published the Monetary Policy Report. Let me review some of them. At the end of November, Statistics Canada released its national accounts data for the third quarter.