For example, although the United Kingdom experienced a very large increase in import prices of about 13 percent in the half-year following the ERM crisis – which was nearly as large as the depreciation of its multilateral nominal exchange rate – consumer price inflation remained subdued.
Tiff Macklem: Opening statement before the Standing Senate Committee on Banking, Commerce and the Economy Opening statement by Mr Tiff Macklem, Governor of the Bank of Canada, before the Standing Senate Committee on Banking, Commerce and the Economy, Ottawa, Ontario, 20 April 2023. *** Good morning.