Governor Tiff Macklem and his deputies raised the benchmark interest rate by half a percentage point on April 13, an aggressive move, as central banks prefer to move in quarter-point increments.
The outsized increase in borrowing costs, which took the benchmark interest rate to one per cent, was widely anticipated; the central bank had telegraphed that stronger-than-forecast inflation would force it to accelerate its march back to a more normal interest-rate setting.Article content All that growth would be something to cheer if it wasn’t paired with equally strong inflation. The Bank of Canada acknowledged that it underestimated how much the consumer price index would increase in the first quarter, and now predicts an average monthly gain of 5.6 per cent, compared with a 5.1-per-cent forecast in January.Article content
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