Bank of Canada senior deputy governor Carolyn Rogers says the journey back to two per cent inflation will take time.
The Thursday speech to Calgary Economic Development comes one day after the Bank of Canada raised its key interest rate by three-quarters of a percentage point and indicated higher interest rates are on the way.Sign up to receive daily headline news from the Ottawa SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
“We want to ensure this scenario does not materialize because if it does the economic cost of restoring price stability will be much higher,” Rogers said. The senior deputy governor says the bank will continue to monitor how the economy is responding to higher interest rates as well as global economic developments and assess how much higher interest rates need to go.
Rogers warns that the bank’s decisions now and in recent months will take up to two years to have their full effect on inflation.
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