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Last fall, Bank of Canada Governor Tiff Macklem described the country’s inflation as “transitory but not short-lived.” This was after he spent much of the year attributing growing global inflation on supply chain woes and statistical anomalies.
While commodities such as energy and food have seen sharp price increases, the inflation pinch was first felt with the global chip shortage, which caused price increases on goods including smartphones, cars and other “connected” devices.
Inflation as a result of commodity prices may return to normal levels in 2022, although extreme shocks from the economic sanctions on Russia make that much less …
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