The central bank predicts inflation will continue to fall in the coming months.
The Bank of Canada is keeping its key interest rate at 4.5 percent.
The bank made the announcement this morning, reinforcing its confidence that inflation will continue to drop over the next several months.
Canada's inflation rate was at 5.2 percent in February, and the bank predicts it will fall to three percent next year.
The bank also says it expects inflation will fall to its target of two percent by the end of 2024.
The bank has not ruled out a future rate increase.
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