Bank of Canada Raises Interest Rates

Wednesday, 26 October 2022 10:18

By Linda Morgan

The Bank of Canada has raised interest rates from 3.25 percent to 3.75 percent, in a bid to tackle inflation.

The Bank of Canada has raised interest rates once again.

The rate has jumped by 50 basis points to 3.75 percent.

Since March, the central bank has increased interest rates six times in order to tackle inflation.

According to its latest Monetary Policy Report, the bank predicts a potential recession in Canada during the first half of next year.

Inflation currently stands at 6.9 percent, which is well above the bank's two percent target.

The bank also says further rate hikes are expected.

More from Local News

2 from Niagara named to the Order of Canada

Mary Ann Edwards of St. Catharines and Donald Triggs of Niagara-on-the-Lake were among the 80 new appointments announced today
$3.5M of Crystal Meth seized from drug lab

NRP Officers discovered a clandestine drug lab in a residential neighbourhood in Niagara Falls
NRP Searching for B&E Suspects

NRP are appealing for the public's help in identifying 2 suspects in relation to 3 break & enters on residences in Welland and Pelham
Welland CAO Optimistic for 2026

Jessica Ruddell is pleased with 2025 progress, but wants to build on that
Niagara Clinics Help Coughs, Colds

Niagara North Family Health Team says these are to help ease hospital ERs, meant for non emergencies
Clifton Hill Construction in January

The city says this is for Smart Pole installation for wireless services, lasting to the spring
Gas Prices to Hold Steady: Analyst

Prices have been seen as low as below a dollar in Niagara, and not expected to shoot up again until the spring or summer
NRP Using Warrant in Niagara Falls Area

They're asking everyone to avoid the area, but no risk to public safety