Housing Costs Holding Inflation Up, Bank of Canada Head Says

Bank of Canada Governor Tiff Macklem waits to appear before the House of Commons Standing Committee on Finance on Feb. 16, 2023, in Ottawa. The Canadian Press/Adrian Wyld

Housing costs are the biggest contributor to inflation in the country, says Bank of Canada Governor Tiff Macklem.

Current housing costs are an important factor in holding inflation levels up, Mr. Macklem told the House Finance Committee May 2, noting that immigration has led to a rent inflation increase of 8 percent.