Bank of Canada missed the mark on rising inflation, says governor Tiff Macklem - Globe And Mail

The Bank of Canada missed the mark on rising inflation but a turnaround is near, its governor said in an interview with the Globe and Mail on Monday.

The bank has lifted interest rates at a record pace of 400 basis points in nine months to 4.25% - a level last seen in January 2008 - to tame inflation that stood at 6.9% in October. That is more than three times the central bank's 2% target.

In an interview with the newspaper, Governor Tiff Macklem said "that's a very big forecast error. So, yes, we have some explaining to do."