Philip Cross: Bank of Canada unapologetic about inflation miss (opens original article in a new tab)

The Bank of Canada has not apologized for missing its inflation target, leading to higher household expenses and reduced discretionary spending, while the bank attributes the issue to one-off events and maintains a benign outlook on inflation.

• Bank of Canada failed to control inflation, which exceeded its 2% target since 2020
• Inflation caused essential household expenses to rise, reducing discretionary spending
• Bank of Canada remains unapologetic about its inflation management and cites one-off events as reasons
• U.S. Federal Reserve chair acknowledged inflation failure, unlike Bank of Canada