OTTAWA, Nov 1 (Reuters) - The Bank of Canada has not ruled out another oversized interest rate hike to fight sky-high inflation, governor Tiff Macklem said on Tuesday, acknowledging Canadians feel "ripped off" by fast rising prices. The Bank of Canada surprised markets with a smaller-than-expected 50-basis point increase last week, lifting the policy rate to 3.75%. "It's been a long time since we had high inflation and we're rediscovering that it corrodes the social fabric," he added. And that's one of the big problems with inflation and it's an important reason why we got to get it back down." Earlier he reiterated the Bank of Canada would need still higher rates to fight stubborn inflation.

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