BOC’s Macklem: Inflation in Canada is going to remain painfully high
|Making some comments on inflation, Bank of Canada (BOC) Governor Tiff Macklem said in an interview late Wednesday that “inflation in Canada is going to remain painfully high.”
Also read: Canada: Annual CPI rises to 8.1% in June vs. 8.4% expected
Additional quotes
“Inflation will probably remain above 7% for the rest of 2022.”
“July's inflation rate is likely to be below June's 8.1%.”
“Demand is running ahead of the economy's ability to produce the goods people want, which will continue to create inflationary pressures.”
"We are deliberately front-loading our interest rate response. We want to get ahead of this.”
Market reaction
USD/CAD was last seen trading almost unchanged on the day at 1.2878.
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