According to Bank of Canada Governor Tiff Macklem, "fairly excellent harvests" in Canada and numerous other nations will aid in the slowing of food price rise.
I am genuinely optimistic that at least food inflation, which is not quite the same as food prices, will decline
Macklem said in an interview with federal government-owned CBC Radio broadcast Sunday.
He also mentioned that some wheat shipments from Ukraine, a significant exporter of the grain before to the conflict with Russia, have resumed.
Since the central bank increased interest rates to 3.25%, inflation has begun to decline. Consumer price growth slowed in August from July's 7.6% increase to 7%.
According to Macklem, rising interest rates "have started to cool sectors of the economy, which is actually what we need.