BOC’s Macklem: Inflation in Canada is going to remain painfully high

Making some comments on inflation, Bank of Canada (BOC) Governor Tiff Macklem said in an interview late Wednesday that “inflation in Canada is going to remain painfully high.”

Also read: Canada: Annual CPI rises to 8.1% in June vs. 8.4% expected

Additional quotes

“Inflation will probably remain above 7% for the rest of 2022.”

“July's inflation rate is likely to be below June's 8.1%.”

“Demand is running ahead of the economy's ability to produce the goods people want, which will continue to create inflationary pressures.”

"We are deliberately front-loading our interest rate response. We want to get ahead of this.”