Inflation in Canada is expected to go “a little over” eight percent as soon as next week, when June’s data is released, says the Bank of Canada, and is reported to stay in that range for a few more months, the central bank’s governor told a business group in a webcast transcript released late Friday.
Tiff Macklem, who spoke to the Canadian Federation of Independent Business (CFIB) a day after Wednesday’s shock 100-basis-point interest rate hike, also urged small business owners to avoid building the current pace of price increases into their contracts.
In May the Canadian inflation was 7.7 percent, the highest since January 1983. The latest data will be released on Wednesday at 8:30 a.m. ET.
Deputy Prime Minister Chrystia Freeland, who also serves as Canada’s finance minister, on Saturday said the federal government was tackling some of the drivers of inflation, as well as labor and housing policies.
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