Inflation driven by profits in few sectors, including oil and gas: report
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Some economists and the Bank of Canada have expressed concern that as wages rise in the face of inflation, this could entrench inflation and cause what’s known as a wage-price spiral. In July, Tiff Macklem warned employers not to build inflation into longer-term contracts. The Bank of Canada has said that inflation increasingly reflects domestic pressures, and has cited Canada’s low unemployment rate as “unsustainable.”The report recommends measures for policymakers to consider other than interest rate hikes, measures he argues in the report would be better than “a `cold bath’ of employment-reducing monetary tightening.”
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