Inflation in Canada remains 'too high' but is headed in the right direction, a Bank of Canada official said on Tuesday, adding that the central bank will do whatever is needed to bring price increases back to target.
People shop at a Walmart Supercentre amid coronavirus fears spreading in Toronto, Ontario, Canada March 13, 2020. REUTERS/Carlos OsorioOTTAWA, Sept 20 - Inflation in Canada remains "too high" but is headed in the right direction, a Bank of Canada official said on Tuesday, adding that the central bank will do whatever is needed to bring price increases back to target.
"In August, inflation stood at 7%. While we're headed in the right direction, that's still too high," Beaudry said in prepared remarks provided ahead of the speech."We will continue to take whatever actions are necessary to restore price stability for households and businesses and to maintain Canadians' confidence that we can deliver on our mandate of bringing inflation back to 2%," he added later.
"Our messages are designed to cut through the noise," said Beaudry. "The more effective the Bank can be in its guiding role, the greater the chance of a soft landing - and the lower the risk of a hard landing."
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