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.

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Bank of Canada Warns More Rate Hikes Possible

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