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Published 4 months ago

Bank of Canada raises key interest rate to 4.75 per cent

  • The Bank of Canada raised its overnight rate by 25 basis points to 4.75%, citing economic growth and strong consumer spending.
  • Inflation concerns remain, with Goods price inflation increasing and services price inflation remaining elevated due to strong demand and a tight labour market.
  • The bank will continue to assess inflation expectations, wage growth, corporate pricing, and excess demand to ensure factors are in line with the inflation target, with the next rate announcement expected on July 12, 2023.
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