CIBC’s Benjamin Tal on inflation, interest rates and CRE

The Bank of Canada is attempting to convince people it’s serious about decreasing inflation, which reached 6.9 per cent last month – the highest rate in 31 years.

Steve McLean, RENX, June 8, 2022

CIBC managing director and deputy chief economist Benjamin Tal told an audience at the June 7 Land & Development conference at the Metro Toronto Convention Centre, however, that rising interest rates should be at least as big a concern.

The Bank of Canada increased its policy interest rate by half a percentage point on June 1 to 1.5 per cent as part of its effort to get the inflation rate back to its two per cent target.