The Bank of Canada has more work to do in taming stubborn price pressures despite signs headline inflation may have peaked, Governor Tiff Macklem said.
Macklem delivered the hawkish message in a newspaper opinion piece Tuesday afternoon, hours after Statistics Canada reported that consumer price gains slowed to a 7.6 per cent yearly pace in July on a steep drop in gasoline prices.
“Tuesday’s inflation number offers a bit of relief, but unfortunately, it will take some time before inflation is back to normal,” the central banker said in the National Post. “We know our job is not done yet -- it won’t be done until inflation gets back to the 2 per cent target.” Having held at an emergency pandemic low of 0.25 per cent, the policy interest rate is now at 2.5 per cent and economists expect it will reach at least 3.5 per cent by the end of this year
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