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thanks for clicking canada is determined to eliminate high inflation and return to the bank of canadaamp;#39;s two percent target range this ing to a new letter penned by bank of canada governor tiff macklin in the national post the letter from governor macklin came on the heels of the release of canadaamp;#39;s inflation rate which came in at 7.6 percent for the month of july down from juneamp;#39;s 8.1 percent well prior to the release of the 7.6 inflation rate many had hoped that cooling inflation due in large part to gas prices would induce the bank of canada to slow down the pace of its interest rate hikes the letter by governor macklem doused any hopes of a slowdown with the bank of canada expecting inflation and interest rate hikes to remain elevated for the foreseeable future given rising prices and higher costs of borrowing this is definitely not the news that a lot of canadians were hoping for well that makes me sad so what i want to do today is go over governor macklemam