Official figures

Bank of Canada details why it raised its policy rate to 2.5% in October

The Bank of Canada published its summary of deliberations on November 10 for the October 28 rate decision. Members of the Governing Council weighed holding the policy rate at 2.25% against raising it to 2.5%, and the Bank said they raised it to reduce the risk that high energy prices would turn into lasting, broad-based inflation. The summary said total CPI inflation had been around 3% since April and is projected to reach 3½% at the end of 2026. The Bank added that more increases could be needed, with decisions taken meeting by meeting.

Economy. Added November 10, 2:11 pm Saskatchewan time.References 1