OTTAWA (Reuters) – Canadian inflation remains high and broad based and more interest-rate increases will be needed to cool the overheating economy, Bank of Canada Governor Tiff Macklem said in testimony at the House of Commons on Wednesday.
“Inflation has come down in recent months, but we have yet to see a generalized decline in price pressures,” Macklem said. “This tightening phase will draw to a close. We are getting closer, but we are not there yet.”
(Reporting by Steve Scherer and Ismail Shakil; Editing by Chris Reese)