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MNI INTERVIEW: BOC Must Remain Aggressive On Rate Hikes- Cross

(MNI) Ottawa
OTTAWA (MNI)

Former top StatsCan official says wage inflation danger grows each month CPI stays elevated.

Canada's central bank must remain aggressive with rate hikes and move at least another 75 basis points next month to prevent price inflation from feeding through to wage demands, a former top economist at the federal statistics office told MNI.

Philip Cross, former chief economic analyst at Statistics Canada and now senior fellow at the Macdonald-Laurier Institute, says Governor Tiff Macklem is still playing catch-up and every month of elevated price gains boosts the risk workers demand more too.

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Canada's central bank must remain aggressive with rate hikes and move at least another 75 basis points next month to prevent price inflation from feeding through to wage demands, a former top economist at the federal statistics office told MNI.

Philip Cross, former chief economic analyst at Statistics Canada and now senior fellow at the Macdonald-Laurier Institute, says Governor Tiff Macklem is still playing catch-up and every month of elevated price gains boosts the risk workers demand more too.

Keep reading...Show less