Bank of Canada says inflation to spike beyond 8% this week

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Canadians can expect to dish more dollars as the Bank of Canada forecasts another spike in inflation.

Tiff Macklem, governor at Bank of Canada, spoke to the Canadian Federation of Independent Business (CFIB) on Thursday. A transcript of this meeting reveals the anxiety-inducing forecast.

“Inflation is high sevens,” said Macklem, referring to the 7.7% spike seen in year-over-year-inflation back in June. This increase broke a 39-year-record and it looks like we’re on our way to break another.

“It’s probably going to go a little over eight,” Macklem predicted. “We know oil prices were very high in June, so I wouldn’t be surprised to see it move up.”…read more.