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Bank of Canada governor warns of persistent inflation amid trade tensions
Bank of Canada governor Tiff Macklem expressed concern that inflation may remain elevated despite its recent decline to 1.7%. The central bank maintained its key rate at 2.75%, citing a steady increase in the so-called core inflation, measured by median and trimmed indicators, which reached yearly highs of 3.2% and 3.1%, respectively, in April.
The nation’s chief banker suggested that rising goods and food prices could stem from US tariffs and Canada's retaliatory measures, though the exact inflationary impact remains uncertain. New data ahead of the July 30 rate decision will clarify whether this acceleration is temporary or sustained.
While noting overall labor market stability, Macklem acknowledged the early tariff effects on trade-exposed industries.
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