Bank of Canada governor spoke to reporters from the IMF meeting in Bangkok
Statistics Canada is scheduled to release September’s Consumer Price Index data today, a last look at inflation before the central bank announces its overnight interest rate later this month.
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Higher energy prices have lifted inflation past the Bank of Canada’s two per cent target since May, and the overall inflation rate sat at three per cent in July and August.
Economists largely expect that inflation edged up again in September as Brent crude and West Texas Intermediate crude prices continued to hover at around US$100 per barrel, which raised prices at the pumps for consumers.
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An uptick in consumer prices would put more pressure on the Bank of Canada to raise its overnight rate — currently at 2.25 per cent — for the first time in a year.
“To date, the bank has been looking through the direct impact of higher oil prices on inflation. So far we’ve seen limited evidence that these higher energy costs are spreading broadly to other goods and services…. With the conflict ongoing, shipments still curtailed and refinery capacity damage, the risk that inflation broadens and becomes more persistent has gone up,” Bank of Canada governor Tiff Macklem told reporters in a call after an International Monetary Fund meeting in Bangkok on Saturday.
“Our beacon is our two per cent inflation target, and we are committed to keeping inflation close to target over time. We’re prepared to adjust monetary policy as needed.”
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