Bank of Canada raises interest rates for the first time in three years
- The central bank increased key rate by a quarter point as soaring energy prices push up inflation.
- The Bank of Canada (BoC) has raised its key interest rate for the first time in more than three years and warned that further increases might be needed to prevent soaring energy costs from fueling broader inflation.
- Wednesday’s quarter-point hike to 2.5 percent was widely expected, while the bank also ramped up its inflation forecast for 2027 to 3.1 percent from the 2 percent it had predicted in July.
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- The central bank increased key rate by a quarter point as soaring energy prices push up inflation.
- The Bank of Canada (BoC) has raised its key interest rate for the first time in more than three years and warned that further increases might be needed to prevent soaring energy costs from fueling broader inflation.
- Wednesday’s quarter-point hike to 2.5 percent was widely expected, while the bank also ramped up its inflation forecast for 2027 to 3.1 percent from the 2 percent it had predicted in July.
Sources: Al Jazeera