"Tiff Macklem," the head of the Bank of Canada, stated in a news interview:
"I completely understand that the recent increase in interest rates has caused financial difficulties for many Canadians, but this rate hike was aimed at reducing inflation. At present, I cannot specify when these rates will decrease again."
He explained that controlling inflation in Canada requires very slow economic growth and urged the public to be patient, perhaps until 2025, to bring inflation down to 2%. He also strongly voiced his opposition to a recession, stating that it leads to decreased production and increased unemployment. In the summer of 2022, Canada experienced its highest inflation rate in four decades, reaching 8.1%, but it decreased to 3.8% in the past month. Nevertheless, a decrease in inflation does not necessarily mean lower prices; it only slows down the upward trend. Rising prices have caused stress and anxiety among Canadians, with a recent report indicating that many Canadians are losing sleep due to anxiety.

News Sources