Bank of Canada hikes key interest rate by full percentage point

The central bank’s decision signals a more aggressive approach to bringing skyrocketing inflation back down to its target of two per cent.In its latest monetary policy report, the Bank of Canada said inflation in Canada is “largely the result of international factors,” but that “domestic demand pressures are becoming more prominent.”After raising interest rates by half a percentage point in June, Governor Tiff Macklem said the central bank “may need to move more quickly” to bring inflation down.

That excess demand is allowing businesses to pass more of their cost increases on to consumers, the bank said. “The bank is guarding against the risk that high inflation becomes entrenched because if it does, restoring price stability will require even higher interest rates, leading to a weaker economy,” said the central bank.

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