January 2023 Bank of Canada announcement | Page 4 | General financial discussion | Discussion forum

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..... noted that absent from its statement was the bank’s previous promise of a conditional pause on hikes.....

Instead, the bank reminded markets — pricing in a cut for the end of the year — that future rate hikes are possible if inflation remains stubborn.

Prices don't come down in aggregate. The rate of increase simply slows down, i.e. CPI is rarely lower in a current month than the previous month.

Just based on changes in the denominator changing YOY, YOY CPI inflation WILL mathematically come down by July. The real question is what will likely be the longer term steady state rate from say, July 24 vs July 23. 3%, 3.5%, 4%. Not likely 2% for some time.