Higher interest rates are working to ease price pressures in Canada and inflation is coming down, though progress to the 2% target is slow. The Bank projects that inflation will stay around 3½% until the middle of 2024, returning to target in 2025.
Erratum: The data on Chart 14 was labelled incorrectly. It should refer to size of price changes and frequency of price changes. See revised charts.
What you need to know about the Bank of Canada’s assessment of the Canadian economy.
Bank of Canada maintains policy rate, continues quantitative tightening
The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%.
Press Conference: Monetary Policy Report – October 2023
Release of the Monetary Policy Report — Press conference by Governor Tiff Macklem and Carolyn Rogers, Senior Deputy Governor (11:00 (ET) approx.).
Monetary Policy Report Press Conference Opening Statement
Governor Tiff Macklem discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR.