The Globe and Mail reports in its Tuesday edition that the Bank of Canada will be assessing whether 2 per cent is the best target for inflation in a mandate review that begins next year, Governor Tiff Macklem said Monday. The Globe's Mark Rendell writes that every five years, the central bank and the federal government agree to a set of goals for monetary policy. Most important is the target for inflation, which the bank attempts to hit by adjusting interest rates. In a speech to the Greater Vancouver Board of Trade, Mr. Macklem said the central bank will use the coming mandate renewal process, which starts next year and runs until 2026, to address several crucial questions. "In a more volatile world, how do we identify and measure underlying inflation? Is 2 per cent still the best target for the future? What's the interaction between housing affordability and monetary policy?" Mr. Macklem said. He noted that businesses are facing a range of cost pressures tied to fragmenting supply chains, climate change and other structural shifts to the economy, which could mean more upward pressure on prices. Inflation hit 8.1 per cent in the summer of 2022 before falling back to the 2-per-cent target by the second half of 2024.