OTTAWA—The governor of the Bank of Canada says the central bank will rein in inflation if temporary price pressures stubbornly stick around and appear more permanent. Tiff Macklem says the central bank largely expects higher prices right now are temporary and the inflation rate will fall back to the bank’s two-percent target as the economy opens further. In its updated outlook this week, the central bank forecast inflation will run above three percent this year, and above two percent in 2022 and 2023, before coming back to target in 2024. Some of the pressure on inflation has to do with comparing prices now to the lows of one year ago, while higher gasoline prices and a surge in consumer demand are also playing a role. Macklem says the central bank plans to keep a close eye on how prices and these underlying factors play out over the coming months. In …