The Globe and Mail reports in its Thursday, June 1, edition that inflation is still running too hot for the Bank of Canada, suggesting its battle against inflation is not done yet. The Globe's David Parkinson writes that we may avert the recession that everyone feared a few months ago, but there is still every reason to think that a much cooler economy is on the way, if it is not here already. Whether the BOC is prepared to wait for this slowdown to transpire is another question, says Mr. Parkinson. The biggest eyebrow-raiser in Wednesday's GDP report is the stamina of the Canadian consumer, in the face of the past year's interest-rate increases. Household consumption was up nearly 6 per cent annualized in the quarter, a strong rebound after posting little growth in the two prior quarters. The figures prompted some economists to suggest that the BOC would have to raise interest rates further to tame the consumer demand that is feeding inflation pressures. The Conference Board of Canada argues that high household debt loads, high interest rates and declines in home values are destined to sap the energy out of consumers, especially as more mortgages come due for renewal at substantially higher rates.