Carolyn Rogers did not rule out a three\u002Dquarter point hike after data revealed CPI has hit a near 40\u002Dyear high. Find out more.
Carolyn Rogers, senior deputy governor, said Wednesday after Statistics Canada released the data that the 7.7 per cent gain in the inflation rate was an “unwelcome number,” but not “an entirely unexpected number.”
Canadian consumer prices increased in May at rates not seen since January 1983, beating economists’ forecasts and turning up the pressure on the central bank to follow the U.S. Federal Reserve with a supersized 75-basis-point hike. The inflation rate is higher than the 6.8 per cent in April and far above the Bank of Canada’s own forecast that it would average 5.8 per cent this quarter.
“Inflation is too high; it’s hurting Canadians,” Rogers told a Toronto conference. “It’s keeping us up at night and we will not rest easy until we get it back down to target… That’s why we’re raising interest rates and as we say, we’re raising them quite aggressively.”Article content
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