Inflation likely hovered at or a little above the Bank of Canada‘s two per cent target rate in November, economists expect, after Taylor Swift’s Eras Tour swept through Toronto and offered a temporary economic boost.
As of Friday, economists on average estimate the consumer price index rose two per cent, according to a Reuters poll. That would be unchanged from the October reading.
However, CIBC senior economist Andrew Grantham says inflation for the month could tick higher to 2.1 per cent, adding that some core inflation measures could look a bit stronger as well.
Then there’s the Taylor Swift of it all.
“A lot of the pickup in inflation that we’re expecting in November is going to be due to some temporary factors surrounding the arrival of Taylor Swift within Canada,” Grantham said.
He said her concerts, which took place over two weeks in Toronto (the Vancouver performances won’t be captured in this data), affected prices for hotels, restaurants and concert …