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Canada inflation may have peaked but still too high -BoC's Macklem

·1 min read

OTTAWA, Aug 16 (Reuters) - Inflation in Canada may have peaked but remains far too high, Bank of Canada Governor Tiff Macklem said in a newspaper op-ed on Tuesday, adding that the central bank is determined to bring price increases back to its 2% target.

"Inflation in Canada has come down a little, but it remains far too high," Macklem said in the commentary, published to the National Post newspaper's website the same day official data showed inflation edged down to 7.6% in July from 8.1% in June.

"The good news is that it looks like inflation may have peaked. ... The bad news is that inflation will likely remain too high for some time," he added.

(Reporting by Julie Gordon in Ottawa; Editing by Mark Porter)