The Bank of Canada has raised its policy interest rate again, making the cost of borrowing more expensive.
Since the Bank of Canada started raising rates in March 2022 inflation has dropped from a peak of 8.1 per cent last summer to 3.4 per cent in May. This is the 10th interest rate hike since March 2022. The Bank’s forecasters say the change to its inflation outlook is due to excess demand, higher than expected housing prices and higher than expected prices for tradable goods.
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