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MNI: BOC Still In 'Ongoing Battle' Against Too-High Inflation

(MNI) OTTAWA
OTTAWA (MNI)
Deputy Governor Beaudry speaks hours after a surprise moderation in the consumer price index.

Deputy Governor Paul Beaudry said Tuesday the Bank of Canada remains in an "ongoing battle" to bring inflation back to its 2% target, speaking hours after the latest report showed price gains slowed for a second month and by more than most economists expected.

"While we’re headed in the right direction, that’s still too high. Consumers and businesses are rightfully wondering when we’ll stop feeling the pinch of high prices," Beaudry said. Statistics Canada reported earlier inflation slowed to 7% in August from 7.6% in July and June's four-decade high of 8.1%. Several economists after the CPI figures affirmed their view the BOC will hike the 3.25% policy rate another half point at its October meeting.

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Deputy Governor Paul Beaudry said Tuesday the Bank of Canada remains in an "ongoing battle" to bring inflation back to its 2% target, speaking hours after the latest report showed price gains slowed for a second month and by more than most economists expected.

"While we’re headed in the right direction, that’s still too high. Consumers and businesses are rightfully wondering when we’ll stop feeling the pinch of high prices," Beaudry said. Statistics Canada reported earlier inflation slowed to 7% in August from 7.6% in July and June's four-decade high of 8.1%. Several economists after the CPI figures affirmed their view the BOC will hike the 3.25% policy rate another half point at its October meeting.

Keep reading...Show less