Still work to do on inflation even after hitting 2%: Bank of Canada official – National [Video]

Hitting the bull’s-eye on the two per cent inflation target in August was “good news” for the Bank of Canada, but it doesn’t mean the central bank’s efforts are done, according to a senior official.

Annual inflation cooled sharply to two per cent last month, Statistics Canada reported Tuesday, hitting the Bank of Canada’s target after months of raising interest rates to tame rampant price pressures. Since June, the central bank has cut its benchmark interest rate three times, softening pressures on the economy amid signs prices are coming back under control.

Carolyn Rogers, senior deputy governor at the central bank, spoke at a Bloomberg event on Tuesday, where she was asked whether two per cent inflation meant it was “mission accomplished” for the Bank of Canada after the most rapid tightening cycle in its history.

“It was good news. It was good news for the bank, more importantly it was good news for Canadians. It’s been a long journey, it’s been a tough journey,” Rogers …