BOC's Macklem: Canada's Inflation Will Continue To Be Excruciatingly High

The Governor of the Bank of Canada (BOC), Tiff Macklem, stated that "inflation in Canada is going to remain excruciatingly high" in an interview that was conducted late on Wednesday.

July 21, 2022 - 12:33 PM 229 views

BOC's Macklem: Canada's Inflation Will Continue To Be Excruciatingly High

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© BOC's Macklem: Canada's Inflation Will Continue To Be Excruciatingly High

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The Governor of the Bank of Canada (BOC), Tiff Macklem, stated that "inflation in Canada is going to remain excruciatingly high" in an interview that was conducted late on Wednesday.

Key Quotes

"For the remainder of 2022, inflation will probably stay above 7 percent."

"July's inflation rate is probably going to be lower than June's 8.1%."

The economy's capacity to provide the goods that people desire is being outpaced by demand, which will keep inflationary pressures high.

Our interest rate response is being front-loaded on purpose. We want to head this off.

The Market Reaction

At 1.2878 as of last check, USD/CAD was virtually unchanged for the day.

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