Inflation will remain 'painfully high' all year, BoC governor anticipates

As Canadians continue to feel the squeeze from an increased cost of living, Bank of Canada Governor Tiff Macklem says Canada's inflation rate is set to remain "painfully high" for the rest of the year.

On Wednesday, Statistics Canada reported the country's annual inflation rate rose to 8.1 per cent in June, up from 7.7 per cent in May, marking the largest yearly change since January 1983.

In an exclusive interview with CTV News' Evan Solomon, Macklem said the inflation rate is "unfortunately… probably going to start with a seven for the rest of the year."

"It is going to be painfully high," Macklem said Wednesday.