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☆ Bank of Canada says inflation still too high, but moving in right direction
  + stars: | 2022-09-20 | by ( Julie Gordon David Ljunggren | Julie Gordon | David Ljunggren | ) www.reuters.com   time to read: +3 min
OTTAWA, Sept 20 (Reuters) - 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. While we're headed in the right direction, that's still too high," Beaudry said in prepared remarks provided ahead of the speech. While some have argued policymakers need to engineer a recession to avoid this, Beaudry said the bank is working to convince Canadians the current period of high inflation is temporary and it will tame surging prices. Still, economists said if consumer and business surveys due out next month show inflation has become more entrenched, the Bank of Canada may have to change its tune. The Bank of Canada has boosted its policy rate by 300-basis points in six months and earlier this month signaled it was not yet done.
☆ Canada may need a recession to cool down inflation
  + stars: | 2022-09-19 | by ( Julie Gordon Fergal Smith | Julie Gordon | Fergal Smith | ) www.reuters.com   time to read: +3 min
Reuters GraphicsThe broadening of price increases, increased wage settlements, as well as rising consumer and business inflation expectations are signs that inflation is becoming more entrenched in the economy, economists told Reuters. That is an outcome that the Bank of Canada has hoped to avoid, saying it would require more aggressive interest rate hikes to bring inflation back under control. Economists at Desjardins Group and Oxford Economics also foresee aggressive rate hikes leading to a recession, though they cast it as a mild downturn. We need to cool the economy to get inflation back to target," Senior Deputy Governor Carolyn Rogers told reporters earlier this month. As for headline inflation, the central bank has it returning to 2% in 2024.
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