Bank of Canada raises key interest rate a quarter point to 4.75%

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The decision today comes after speculation among economists and forecasters that a recent string of strong economic data would push the central bank to raise interest rates again. The central bank says excess demand in the economy appears to be more persistent than it had anticipated, citing a tight labour market, better-than-expected economic growth in the first quarter as well as “surprisingly strong” consumption growth.

It says it still expects inflation to fall to about three per cent in the summer from the 4.4 per cent April reading, but with core inflation still elevated, its concerns about inflation getting stuck above two per cent have increased.

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