Macklem says latest inflation data looks very concentrated in oil prices
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FILE PHOTO: Bank of Canada Governor Tiff Macklem takes part in a press conference, after cutting key interest rate, in Ottawa, Ontario, Canada September 17, 2025. REUTERS/Blair Gable/File Photo
OTTAWA, June 23 (Reuters) - Bank of Canada Governor Tiff Macklem said on Tuesday the latest inflation reading showed price increases were concentrated in energy, but admitted that food inflation was a concern.
"The reason for the rise is very concentrated in oil prices," Macklem said, and added that there was no evidence of generalized inflation.
Canada's annual inflation rate for May came at 3.2%, which was the first time in 29-months that the CPI exceeded the BoC's 1-3% target range.
(Reporting by Promit Mukherjee and Maria ChengEditing by Caroline Stauffer)
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