Bank of Canada hikes interest rate to 3.25%
The Bank also signalled it was continuing its quantitative tightening policy and more rate hikes would follow in an ongoing effort to stamp out decades-high inflation.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
While the central bank noted inflation pressures had eased to 7.6 per cent from 8.1 per cent in July, core inflation continued to move up to a range of five to 5.5 per cent. The drop in the consumer price index was largely led by falling gasoline prices and the latest reading is still too hot for the economy to handle.“The global and Canadian economies are evolving broadly in line with the Bank’s July projection,” read a statement from the Bank on Sept.
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