Although inflation exceeded the Bank of Canada’s desired 3 percent ceiling in April, May, and June, both the bank and experts say that runaway inflation is not on the horizon.
The central bank likes to keep inflation between 1 and 3 percent, but rates of 3.1 percent in June, 3.6 percent in May, and 3.4 percent in April exceeded those targets. On July 29, the Financial Post published an op-ed by Bank of Canada Governor Tiff Macklem in which he acknowledged the “prices of many goods and services are rising quickly.”
