BOC’s Poloz: Over next 12 months, much of the temporary factors holding down inflation will dissipate

Poloz speaking to reporters

  • «An awful lot» of people weren’t surprised by hike in September
  • An overshoot of inflation isn’t something we would ever plan for, but a target range allows for things beyond your control
  • Communication strategy is under active discussion at BOC
  • We are in unchartered waters in terms of what our global economies have been through
  • Things are assumed in our models that may not operate exactly as they have in the past
  • We have to continue to try to understand unknowns
  • Declines to describe CAD as harmful or helpful, says it’s factor that needs to be considered
  • Usually at this point in the cycle we over-predict inflation
  • Labor market clearly has more room to grow
  • Have to give some weight to possibility that supply side will grow

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