off-the-wire

BoC Governor says if inflation goes higher, rates will be hiked

Kitco Media
By Reuters
Published:
Updated:
Reuters

OTTAWA, Feb 1 (Reuters) - Bank of Canada's Governor Tiff Macklem reiterated on Thursday that new developments could push inflation higher and that would mean the central bank might still need to raise interest rates.

"If new developments push inflation higher, we may still need to raise rates," said Macklem in his address to the finance committee in the House of Commons.

The central bank would want to see inflationary pressures easing with a clear downward momentum in underlying inflation as it is concerned about the persistence of underlying inflation.

Reporting by Steve Scherer and Promit Mukherjee

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