Bank of Canada Keeping Key Interest Rate at 4.5 Percent

Wednesday, 12 April 2023 10:58

By Linda Morgan

The central bank predicts inflation will continue to fall in the coming months.

The Bank of Canada is keeping its key interest rate at 4.5 percent.

The bank made the announcement this morning, reinforcing its confidence that inflation will continue to drop over the next several months.

Canada's inflation rate was at 5.2 percent in February, and the bank predicts it will fall to three percent next year.

The bank also says it expects inflation will fall to its target of two percent by the end of 2024.

The bank has not ruled out a future rate increase.

More from Local News

Lighthouse Festival Preparing for 2027

Opening line up for live theatre in Port Dover and Port Colborne
Province Invests More in Niagara Health

Over $20-million to be spent on reducing wait times for many procedures, at Niagara Health and Hotel Dieu
Flooding Relief on List for AMO

Mayor Mat Siscoe and officials will ask for more help at Association of Municipalities of Ontario conference, but also housing and addictions
Over $40,000 Raised for Day of Giving

Turkstra and Credit Union big contributors, but also individuals raised over $14,000 to help people who have nothing after floods
Police Concerned After Man Released

London police say Connor Bennett is now in Thorold
Body Found During Home Demolition

Police believe Brenda LeBlanc was murdered
2 Men Wanted After Lincoln Break In

Police say this happened on Cherrywood Drive
Boy Severely Hurt in Lundy's Collision

Hamilton police helped the NRP arrest a driver for impaired driving