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External Deputy Governor Nicolas Vincent Speech Highlights

BOC
  • "In July we said that inflation should gradually return to the 2% target by the middle of 2025 as excess demand dissipates and labour market conditions ease. We will be providing another update on October 25, but it is clear that we are not out of the woods yet."
  • "Despite recent progress, we still find ourselves in a period of persistently high inflation."
  • The bank is concerned that firms may continue to make larger and more frequent price changes, saying "perhaps the biggest risk of all is the idea that recent pricing behaviour could become self-perpetuating."
  • "We remain concerned about the persistence of underlying inflation, which may complicate our return to price stability."
  • "We need to stay the course and continue our pursuit of the 2% inflation target."
  • Vincent said in the speech that most macroeconomic models assume that prices are sticky, which could explain why they failed to capture the effects of supply shocks on inflation. The bank is extending its research on corporate price-setting behaviour using micro-data, cross-country comparisons, and business surveys. 
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