News about Tiff Macklem

Bank of Canada governor Tiff Macklem said inflation risks are rising as high energy prices persist, with the conflict ongoing, shipments curtailed and refinery capacity damaged. Inflation has been above the bank's two per cent target since May and was at three per cent in July and August, and economists largely expect it to edge up again in September as Brent and WTI crude hover around US$100 per barrel. A higher reading could increase pressure on the bank to raise its overnight rate, currently at 2.25 per cent, for the first time in a year. Macklem said the bank has so far looked through the direct impact of oil prices but is prepared to adjust monetary policy as needed.