Canada’s Macklem sees global inflationary pressures easing

But more interest rate increases still needed, says Bank of Canada governor

Tiff Macklem
Tiff Macklem, governor of the Bank of Canada
Bank of Canada

Food inflation may soon abate as part of a wider pattern of easing supply pressures, Bank of Canada governor Tiff Macklem said on October 6.

Macklem noted the prices of a large basket of commodities – including agricultural products – are starting to fall from their recent highs.

“In time, with lower input and transportation costs, we should see food inflation begin to come down,” said Macklem. “Supply bottlenecks have also begun to improve.”

Falling gasoline prices are the main contributor

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