Bank of Canada Macklem expects higher inflation outlook as oil prices remain elevated

Bank of Canada Governor Tiff Macklem has signaled that the national inflation outlook is likely to rise due to persistently high global energy prices. The central bank anticipates that elevated oil costs will continue to exert upward pressure on domestic inflation figures.

Macklem noted that the global economy is currently under strain following a series of recent shocks. Despite these challenges, he expressed confidence in the Canadian economy’s capacity to withstand these pressures and maintain resilience.