Long-term rate hikes effects will be “more powerful” than people think: Poloz

OTTAWA — The full effects of interest rate hikes have yet to be felt — and will be “even more powerful” than many anticipate, former Bank of Canada governor Stephen Poloz says.

Poloz estimates annual inflation will fall to about four per cent on its own as external factors, such as higher commodity prices, ease. Statistics Canada’s most recent annual inflation rate sat at 6.9 per cent in October, the most recent available data. Though high inflation has persisted longer than the Bank of Canada’s initial projections, Poloz defended the use of the word “transitory” to describe inflation pressures, noting that international contributors to inflation such as supply chain delays are already dissipating.

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