The Bank of Canada (BoC) Deputy Governor Timothy Lane said in a speech on Tuesday that the central bank may adjust its core inflation measure next year.

"We are examining the properties of these measures of core inflation to determine whether the Bank should continue the practice of identifying one pre-eminent measure as its operational guide," he said.

Lane noted that underlying inflation in Canada is around 1.5% to 1.7%.

He also said that the depreciation of the Canadian dollar supported Canadian export and real economy.