Where is inflation and the economy going?

[Torie]

Nobody knows. Everyone's crystal ball is broken.

https://www.marketwatch.com/story/inflation-isnt-going-away-without-some-more-pain-el-erian-says-11675960954

[Upper Canada Tory]

Based on predictions I've seen for Canada this year, inflation is expected to continue falling throughout 2023 and return to the BoC's current inflation target (2%) in 2024. The rate of inflation has already fallen from 8.1% in mid-2022 to 5.9% now, so this is a trend that will likely continue. Economic growth will slow down, but unemployment has actually not increased, defying expectations, however not really surprising when there is a labour shortage. Based on what I have read the trends seem similar for the US (falling rates of inflation, slowdown in economic growth however employment stats still strong).