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Macklem: Latest CPI A Good Sign But Need Clearer Trend

CANADA
  • Q: What will the BoC need to see to determine when its’ time to cut rates?
  • A [paraphrasing]: Yesterday’s CPI report was encouraging, good news for Canadians. I would stress that in the last number of months we’ve seen some volatility. If you look at the underlying trend or core inflation, you see through the summer into early fall it was going sideways – the number yesterday ticked down a little, that’s a good sign. We’re looking for clearer evidence that the trend is down. Underlying inflation has been running around 3.5% - there’s a little evidence it ticked down but one month is not a trend. When we see clear evidence of it coming down that will be time to consider cuts but we’re not there yet.
  • Following up in a second question: We don't have to wait until inflation is back to 2% but we do need to wait until it's clear it's on that path back to target.
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