Macklem says Bank of Canada needs to 'stick the landing' with inflation now at 2%
Statistics Canada reported last week that the annual inflation rate fell to two per cent in August, the lowest level in more than three years.
TORONTO — Governor Tiff Macklem expressed his satisfaction with the decline of inflation to two percent but emphasized that the Bank of Canada must now "stick the landing" and maintain price growth around the target.
These comments were made in prepared remarks that Macklem is presenting today in Toronto at an event organized by the Institute of International Finance and the Canadian Bankers Association.
Macklem indicated that further interest rate cuts could be anticipated, given the positive developments in inflation.
Last week, Statistics Canada reported that the annual inflation rate dropped to two percent in August, marking the lowest rate in over three years.
The governor noted that the central bank is now focused on seeing further cooling in core inflation measures and shelter price growth.
The Bank of Canada is set to announce its next interest rate decision on October 23.
