Today, the Bank of Canada announced a 0.75% increase to its key overnight rate, bringing it to 3.25%. The increase is the fifth this year; at the start of the 2022, the bank’s rate was 0.25%.
In the rate announcement, the Bank of Canada says global inflation remains high while the Canadian economy continues to operate in “excess demand.”
Canada’s year-over-year inflation rate was 7.6% in July, easing from 8.1% in June as gas prices fell. The Bank of Canada has an inflation rate target of 2%.
The next scheduled date for announcing the overnight rate target is October 26, 2022.
You can read the entire official Bank of Canada announcement here.
Latest posts by Justo Team (see all)
- Bank of Canada Holds Interest Rate Steady Amid Tariff Uncertainty - April 19, 2025
- The Impact of Interest Rate Cuts on Toronto’s Housing Affordability - April 11, 2025
- Understanding the Recent Decline in Toronto Home Sales - April 8, 2025