Canada\u0027s rate of inflation slowed in May to 3.4%, Statistics Canada said, due to lower gasoline prices and base\u002Dyear effects. Find out more.
Bank of Canada“It is very possible in my sense that the bank holds in July,” he said. “Rates are pretty restrictive now and … the last rate hike that we had in June will have a big effect in our view.”at the fastest pace on record to try to bring high inflation back within its target zone of one to three per cent.
On a monthly basis, the mortgage interest cost index ticked up 1.8 per cent while traveller accommodation rose 15.6 per cent. But the yearly mortgage interest cost index increased to 29.9 per cent, the third consecutive month the index has risen to a new record high as Canadians continue to initiate and renew mortgages at higher interest rates.
Governor Tiff Macklem resumed hiking interest rates at the beginning of June because Governing Council determined interest rates weren’t restrictive enough to bring supply and demand back in balance. The Bank of Canada raised interest rates on June 7 by 25 basis points, bringing the overnight policy rate to 4.75 per cent.
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