Canada’s annual inflation rate rose slightly last month, accelerated largely by higher gas prices, data showed Tuesday.
Statistics Canada reported that the overall inflation rate in the country was 2.9 per cent year-over-year in March, up from 2.8 per cent the previous month.
Governor of the Bank of Canada Tiff Macklem weighed-in on the data, saying that in his opinion, the “…measures of core inflation did tick down again, and that does suggest that underlying inflationary pressure are continuing to ease. We continue to be moving in the right direction.”
Macklem made the remarks while appearing at the launch of the Canada Institute’s flagship economic initiative: the Washington Forum on the Canadian Economy.
Jerome Powell, the U.S. Chair of the Federal Reserve of the United States, was also at the event and remarked on U.S. inflationary concerns saying, “If higher inflation does persist, we can maintain the current level of restriction for as long as needed. At the same time we have significant space to ease should the labour market unexpectedly weaken.”
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Once the third great war starts, we will have a wonderful wartime economy. Man I miss means tweets.