Despite inflation slowing in December, Bank of Canada still expected to hike rates

Canada's annual inflation rate slowed last month but economists are still expecting the Bank of Canada to hike its key interest rate next week.

Last Updated Tuesday, January 17, 2023 2:31PM ESTrate slowed last month but economists are still expecting the Bank of Canada to hike its key interest rate next week.

The economist expects the strong December jobs report to push the central bank to raise its key rate by a quarter of a percentage point at its next rate announcement on Jan. 25. Meanwhile, Canadians saw some relief at the pump last month, paying 13.1 per cent less compared with November. The federal agency said the price of crude oil dropped amid concerns of a slowing global economy.

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