Why are retail prices higher in Canada?

Canadian consumers often blame retailers for the fact that prices are higher than in the US, despite the fact that the countries' currencies are fairly even these days, but the real reason for higher prices lies with the Bank of Canada, writes economist Mike Moffatt. The bank's practice of holding fast to a 2% inflation rate keeps prices higher, but it also keeps interest rates lower, which leads to greater investment and higher real wages, he writes.

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