Bank of Canada Made Poor Prediction on End-of-Year Inflation Level, Governor Says

Bank of Canada Governor Tiff Macklem gestures during a press conference at the Bank of Canada in Ottawa, on Oct. 26, 2022. The Canadian Press/Sean Kilpatrick

The Bank of Canada made a poor prediction on what Canada’s inflation level would be at the end of 2022, said the bank’s governor, Tiff Macklem. He had previously said he expected the national inflation level to be around 2 percent by the year’s end.

“That’s a very big forecast error,” Macklem told the Globe and Mail in a year-end interview on Dec. 16.