The Bank of Canada is raising its key interest rate by three\u002Dquarters of a percentage point today.
The rate hike was in line with what many economists were expecting and brings the bank’s key rate target to 3.25 per cent.Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.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.
Canada’s year-over-year inflation rate was 7.6 per cent in July, easing from 8.1 per cent in June as gas prices fell. Central banks tend to worry when people and businesses expect inflation to remain high because it can lead to a self-fulfilling prophecy: businesses set future prices higher, while workers negotiate future wage increases to match up with their expectations of inflation.Article content
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