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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