Food Inflation on Path to Slowing, Says Bank of Canada’s Macklem

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.


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Leaving for the US to attend G-20 and IMF meetings is the finance minister