Inflation targets

• June 2, 2022

  Navigating high inflation

  Speech summary Paul Beaudry Gatineau Chamber of Commerce Gatineau, Quebec

  On June 1, the Bank of Canada decided to increase its policy interest rate by half a percentage point. Speaking the next day, Deputy Governor Paul Beaudry explains why inflation has been higher than expected and what we are doing to get it back to our 2% target.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Credibility, Expectations, Inflation and prices, Inflation targets, Interest rates, Monetary policy, Monetary policy and uncertainty, Monetary policy implementation, Price stability, Recent economic and financial developments
• May 3, 2022

  The Bank of Canada: A matter of trust

  Remarks Carolyn Rogers Women in Capital Markets Toronto, Ontario

  Senior Deputy Governor Carolyn Rogers discusses how the Bank of Canada’s independence and accountability help build public trust.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Credibility, Inflation targets, Monetary policy and uncertainty, Monetary policy communications, Monetary policy framework, Recent economic and financial developments
• May 3, 2022

  Earning the trust of Canadians

  Speech summary Carolyn Rogers Women in Capital Markets Toronto, Ontario

  In her first speech with the Bank of Canada, Senior Deputy Governor Carolyn Rogers talks about how independence and accountability help the Bank build and maintain trust.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Credibility, Inflation targets, Monetary policy and uncertainty, Monetary policy communications, Monetary policy framework, Recent economic and financial developments
• March 3, 2022

  Opening Statement before the House of Commons Standing Committee on Finance

  Opening statement (delivered virtually) Tiff Macklem House of Commons Standing Committee on Finance Ottawa, Ontario

  Content Type(s): Press, Speeches and appearances, Opening statements Topic(s): Coronavirus disease (COVID-19), Inflation and prices, Inflation targets, Interest rates, Monetary policy, Monetary policy implementation, Price stability, Recent economic and financial developments

• On the Wedge Between the PPI and CPI Inflation Indicators

  Staff Working Paper 2022-5 Shang-Jin Wei, Yinxi Xie

  We find that the CPI and PPI inflation indexes co-moved strongly throughout the late 20th century, but their correlation has fallen substantially since the early 2000s. We offer a structural explanation for this divergence based on the growth of global supply chains since 2000. This finding offers a unique perspective for the future design of optimal monetary policy.

  Content Type(s): Staff research, Staff working papers Topic(s): Inflation and prices, Inflation targets, International topics, Monetary policy JEL Code(s): E, E3, E31, E5, E52, E58, F, F1, F11, F12, F4, F41, F6, F62
• December 15, 2021

  Building on success

  Speech summary Tiff Macklem Empire Club of Canada Toronto, Ontario

  Governor Tiff Macklem speaks about the Bank of Canada’s monetary policy framework review and the agreement between the Government of Canada and the Bank to renew the 2 percent inflation target.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Central bank research, Coronavirus disease (COVID-19), Credibility, Expectations, Inflation and prices, Inflation targets, Labour markets, Monetary policy, Monetary policy and uncertainty, Monetary policy communications, Monetary policy framework, Monetary policy implementation, Recent economic and financial developments
• December 15, 2021

  Our monetary policy framework: Continuity, clarity and commitment

  Remarks (delivered virtually) Tiff Macklem Empire Club of Canada Toronto, Ontario

  Governor Tiff Macklem discusses the Bank of Canada’s renewed monetary policy framework. He reviews Canada’s experience with flexible inflation targeting and explains why the Bank and the Government of Canada agreed to renew the 2 percent inflation target.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Central bank research, Coronavirus disease (COVID-19), Credibility, Expectations, Inflation and prices, Inflation targets, Labour markets, Monetary policy, Monetary policy and uncertainty, Monetary policy communications, Monetary policy framework, Monetary policy implementation, Recent economic and financial developments
• December 13, 2021

  Opening statement by Tiff Macklem

  Opening statement Tiff Macklem National Press Theatre Ottawa, Ontario

  Governor Tiff Macklem discusses the renewed monetary policy framework agreed upon by the Government of Canada and the Bank of Canada.

  Content Type(s): Press, Speeches and appearances, Opening statements Topic(s): Inflation targets, Monetary policy communications, Monetary policy framework, Monetary policy implementation
• December 9, 2021

  Keeping our eyes on inflation

  Speech summary Toni Gravelle Surrey Board of Trade Surrey, British Columbia

  Deputy Governor Toni Gravelle talks about the Bank of Canada’s decision yesterday to leave the policy rate unchanged. He explains the link between supply bottlenecks and high inflation and why the Bank thinks both will ease over time.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Inflation and prices, Inflation targets, Interest rates, Monetary policy and uncertainty, Recent economic and financial developments, Service sector
• December 9, 2021

  Economic progress report: A recovery unlike any other

  Remarks (delivered virtually) Toni Gravelle Surrey Board of Trade Surrey, British Columbia

  Deputy Governor Toni Gravelle provides an economic update and discusses the relationship between supply bottlenecks and inflation.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Domestic demand and components, Inflation and prices, Inflation targets, Interest rates, Monetary policy and uncertainty, Recent economic and financial developments, Service sector