‘Excessive’ Immigration Is Putting Pressure on Inflation: Scotiabank Economist

Published on December 20, 2023

Canada’s rapid population growth is putting pressure on inflation and further interest rate hikes are a distinct possibility despite predictions saying otherwise, according to a Scotiabank economist. Derek Holt, vice-president and head of capital markets economics at Scotiabank, remarked in a Dec. 19 note evaluating the latest inflation data that “Canada’s torrid rate of population growth is adding to inflationary pressures.” Statistics Canada released information on population growth on Dec. 19, showing the country added 430,635 people in the third quarter, the fastest quarterly growth seen since 1957. At that time, the post-war baby boom and high immigration following the 1956 Hungarian Revolution accounted for the increased growth, says the agency....

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