Bank of Canada Raises Interest Rates

Wednesday, 26 October 2022 10:18

By Linda Morgan

The Bank of Canada has raised interest rates from 3.25 percent to 3.75 percent, in a bid to tackle inflation.

The Bank of Canada has raised interest rates once again.

The rate has jumped by 50 basis points to 3.75 percent.

Since March, the central bank has increased interest rates six times in order to tackle inflation.

According to its latest Monetary Policy Report, the bank predicts a potential recession in Canada during the first half of next year.

Inflation currently stands at 6.9 percent, which is well above the bank's two percent target.

The bank also says further rate hikes are expected.

More from Local News

Painting Honours Kristen French

Jennifer Elliotson's painting at Niagara Falls city hall
Keeping Douglas Memorial Public is Goal: Mayor

Fort Erie Mayor Wayne Redekop says it's about convincing the province to help with the centre
Tourism Awards Received in Niagara

St. Catharines and Lincoln partnered on tourism initiatives, and were recognized with provincial award
Man Charged with Defrauding Senior

Police say Welland residents stepped in, called police
Belugas at Marineland Holding....

Animal rights group says government is waiting on health reports before moving them
NDP Leader Stops in Niagara

Marit Stiles to talk about the region's health care, including Welland long-term care home
Region Finds Potential Budget Savings

The Chair reviewed the budget again, could be cutting over $3-million
Man Killed in Tent Fire

Police were called to Mountain Locks Park