Finance Minister Chrystia Freeland says that Canada has hit a “milestone moment” as the nation’s inflation rate dropped below 3 percent in June, according to a recent Statistics Canada report, which is its lowest point in about two years. “That is a significant moment. It should provide a lot of relief to Canadians,” Ms. Freeland…
Canada Hits ‘Milestone Moment’ as Inflation Rate Drops Below 3%, Says Freeland
Canadian Inflation Drops to 2.8% but Economic Challenges Persist
Commentary The Canadian Consumer Price Index (CPI) dropped to 2.8 percent annualized to the end of June from 3.4 percent in May. The index was expected to drop to 2.9 percent as a result of easing price pressures and the drop off of the June 2022 figure as the CPI rose about 0.6 percent that…
Canada’s Inflation Rate Tumbles to 2.8% in June Even as Grocery Prices Remain High
Statistics Canada says Canada’s inflation rate tumbled to 2.8 per cent in June, putting it within the Bank of Canada’s target range for the first time in more than two years. Statistics Canada’s consumer price index report Tuesday says the deceleration was broad-based, though lower gasoline prices compared with last year led the slowdown. But…
Analysis-Bank of Canada Hones Messaging as Inflation Defies Forecasts
The Bank of Canada has shifted to a less prescriptive messaging strategy than it used in January when it signaled a rate-hike pause that reignited the housing market, which added to inflation and the need to resume tightening five months later. Last week after lifting rates to a 22-year high of 5.0%, Governor Tiff Macklem struck…
Bank of Canada Paid Out Nearly $27 Million in Raises and Bonuses in 2022: Records
The Bank of Canada (BoC) paid out almost $27 million in raises and bonuses in 2022, according to Access to Information records, despite admitting that it made poor inflation forecasts. Records obtained by the Canadian Taxpayers Federation (CTF) showed that about half (49 percent) of the central bank’s workforce, or 1,095 employees, were paid over…
Canada’s Premiers Ask Feds to Discuss Infrastructure Strategy, Address Cost of Living
Canada’s premiers have called upon Prime Minister Justin Trudeau for a First Ministers Meeting on a national infrastructure program that will cover everything from the need for more housing to making the country’s economy more competitive. The call was made during the closing news conference on July 12 following the three-day national meeting of premiers…
Bank of Canada Hikes Key Rate to 5 Percent, Says Many Households Healthy Financially
OTTAWA—As the Bank of Canada raised its trend-setting interest rate to 5 percent on July 12, it noted that households are on average in better financial shape than some reports might suggest. Bank of Canada senior deputy governor Carolyn Rogers said the central bank wanted to take a “deeper dive” into the data when faced…
Bank of Canada Raises Rates as Inflation Lingers and Slowdown Looms
Commentary The Bank of Canada (BoC) has raised the key overnight rate to 5 percent and the Bank Rate to 5.25 percent. The increases of one-quarter of a percent were widely anticipated by market observers. Coincidentally, the U.S. Consumer Price Index (CPI) for June was released and the core rate, at 3 percent, was lower…
IN-DEPTH: How Canadians Can Survive Tough Times Amid Rising Interest Rates
Although this week’s announced interest rate hike by the Bank of Canada (BoC) will make things even tougher for Canadians amid rising mortgage rates and tight budgets, there are a number of ways people can ride out this period and manage their finances. “One thing Canadians can do is make a budget plan. Do not…
Bank of Canada Raises Key Interest Rate to 5 Percent
July 12, 2023
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Bank of CanadaBusiness & MarketsCanadaeconomic policieseconomyinflationinterest ratesTiff MacklemWorld
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OTTAWA—The Bank of Canada raised its overnight rate target by a quarter percentage point (25 basis points) to 5 percent on July 12 in response to more persistent excess demand in the economy and slowing downward momentum with inflation. “Canada’s economy has been stronger than expected,” the BoC said in a statement. The central bank…
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