As Canadians continue to feel the squeeze from an increased cost of living, Bank of Canada Governor Tiff Macklem says Canada's inflation rate is set to remain 'painfully high' for the rest of the year.
As Canadians continue to feel the squeeze from an increased cost of living, Bank of Canada Governor Tiff Macklem says Canada's inflation rate is set to remain"painfully high" for the rest of the year.
In an exclusive interview with CTV News' Evan Solomon, Macklem said the inflation rate is"unfortunately… probably going to start with a seven for the rest of the year."Last month's inflation rate increase was mainly attributed to higher gasoline prices. In the interview, Macklem said gas prices have since come down and so he expects in a month from now, when the national statistics agency publishes its July inflation data, the rate"probably will come down a bit.
In response to higher than expected inflation, on July 13 the Bank of Canada hiked its overnight interest rate by 100 basis points to 2.5 per cent. It was the biggest rate hike by the central bank since August 1998. In the interview, Macklem said that while getting inflation back to the two per cent target is paramount, he's anticipating increasing the policy rate again"pretty quickly."
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