Bank of Canada Warns More Rate Hikes Possible

Thursday, 7 September 2023 17:30

By Linda Morgan

Despite this week's hold, the Bank of Canada says further rate hikes may be needed

Bank of Canada Governor Tiff Macklem says more interest rate hikes could be on the way, despite this week's hold.

This is according to a speech he is delivering at the Calgary Chamber of Commerce today.

Macklem says inflation could stay high for some time, amking more increases necessary.

Yesterday, the central bank announced the rate will remain unchanged at five percent.

In July, the country's inflation rate was at 3.3 percent, and the bank says it thinks inflation will rise again in the coming months before coming back down.

More from Local News

Welland adopts 2026 Budget with 4.01% increase

The city of Welland officially adopted their 2026 budget with a 4.01% tax levy increase. This equates to an approx. $78 increase for the average homeowner.
Port Colborne Man Charged with Child Luring

Police have released the Snapchat names they say he used earlier this year
Social Assistance Recipients Receiving Help

The City of Niagara Falls working on pilot program
Man Faces Multiple Impaired Driving Charges

This is in relation to a 3-vehicle crash in Wainfleet back in September
Police Looking for Stolen Wine

They say a suspect broke in using an ATV
Airport Working to End Sexual Exploitation

RCMP and Crimestoppers are also partners
Ontario Student Learning Under Review

Student standard testing results improving
Senior Seriously Hurt in Parking Lot

Police say it happened in a St. Catharines parking lot, the senior hit by a vehicle

Bank of Canada Warns More Rate Hikes Possible

Share

More from Local News