Inflation has slowed. At what cost?

Canada's inflation numbers have once again come in lower than expected, and are nearing where our central bank wants them. But to get here, the Bank of Canada has kept interest rates high to slow the economy.

So was it actually the Bank's rate hikes that brought inflation down? Is the sting of high rates worth the success so far? And how much further does inflation — and the economy — need to slow before the Bank drops rates? 

Armine Yalnizyan is an economist and the Atkinson Fellow On The Future Of Workers.