Bank of Canada Governor Tiff Macklem said that low-income Canadians are the most affected by rising inflation rates and will be disproportionately impacted by the imminent economic slowdown.

Also, during a conference on diversity, equity, and inclusion, Macklem pointed out that high inflation has harmful and uneven effects.

The Governor also said that there is "no easy way" to restore price stability but the end result of raising interest rates will be better for all Canadians.

And although it is not a substitute for high interest rates, Macklem said that increasing supply in the economy will help ease inflation, adding that the more that can be done to help increase supply, the less demand will need to be suppressed. Macklem also spoke about inequality in economics.

Also, speaking on the conference topic, Macklem said the economy has an "Me Too" appreciation and acknowledged women in the field must face the additional burden of harassment.