Paul Jenkins, the senior deputy governor of the Bank of Canada, has indicated that the central bank could drop its inflation target.

Jenkins said on Thursday that central bank researchers, along with academics and economists at other central banks, were undertaking "considerable study" into the costs and benefits of both inflation and price-level targets.

"We will take a hard, objective look at what the research finds, and you can expect to hear more from us on this subject in the coming year,"