In its regularly scheduled interest rate announcement made on January 25, the Bank of Canada announced that interest rates would be increased by a one-quarter percentage point. That change marks the eighth such increase since the beginning of 2022 and brings the Bank Rate to 4.75%.
In the press release announcing its decision, the Bank indicated that, in its view, “inflation is projected to come down significantly” in 2023. The Bank expects that the effects of higher interest rates, together with lower energy prices and improvement in global supply conditions, will bring Consumer Price Index inflation down to around 3% in the middle of 2023 and back to the Bank’s 2% target in 2024.
The Bank’s next regularly scheduled interest rate announcement will take place on March 8, 2023.
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