Now, as central banks act in unison to quash inflation, Canada’s extraordinarily high inflation rate is still lower than that of key allies. And as in Canada, inflation in the U.S. appears to be slowing. "That's the primary reason why Europe's inflation rate is so much higher than it is here in North America," Porter said. Central banks globally are moving to clamp down on high inflation with interest rate hikes designed to slow economic growth. And that's one of the reasons why our inflation rate is a bit lower," he said.
