Interest rate announcement Bank of Canada

Bank of Canada Puts Pause on Interest Rate Hikes After 8 In a Row

As was widely anticipated, the Bank of Canada has announced that it is holding its trend-setting interest rate at 4.5 per cent. This undoubtedly comes as welcome news to homebuyers and those who have a variable-rate mortgage. It is the first time in more than a year that the Bank has maintained its rate, following an aggressive series of eight consecutive increases in an effort to tamp down sky-high inflation. The inflation rate hit a high point of 8.1 per cent in June, but has since eased back to 5.9 per cent in January, due to lower prices for energy, durable goods and some services. However, the rising cost of food and shelter remain prohibitive for many Canadians, the Bank noted.…

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