Even though global inflation may be starting to ease, Bank of Canada Governor Tiff Macklem said Thursday that Canada, 'can’t count on easing pressure on global prices to lower inflation.'
Bank of Canada Governor Tiff Macklem gives his keynote speech to the Halifax Chamber of Commerce luncheon at the Atlantica Hotel on Thursday, Oct. 6, 2022. - Tim KrochakTo be in business in this province has always involved equal parts hope and reality.
Bank of Canada Governor Tiff Macklem is seen before he gives his keynote speech to the Halifax Chamber of Commerce luncheon at the Atlantica Hotel on Thursday, Oct. 6, 2022. - Tim Krochak Less demand reduces upwards pressure on prices. But higher rates also make it harder for people, whether homeowners or business owners, carrying debt.
No one I talked to after his speech Thursday was surprised by this news. “What else could he say,” a downtown Halifax lawyer said with a verbal shrug. He’s also keeping a wary eye on inflation expectations because “the longer high inflation persists and the more pervasive it becomes, the greater the risk that high inflation becomes entrenched.“
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