NEW: Bank of Canada hikes interest rate by 75 basis points, anticipates another increase
, moving its policy rate to 3.25 per cent from 2.5 per cent. Since March, the bank has increased its policy rate by 300 basis points -- the fastest pace since the mid-1990s -- in an attempt to bring inflation back to its mandated two per cent target.
However, the bank said Canada’s core measure of inflation continue to rise, which prompts a greater risk that rising prices may become entrenched. The bank anticipates further increases to the policy rate will be needed to bring inflation lower to that two per cent target. In July, the bank raised its interest rate by 100 basis points to 2.5 per cent, the highest rate hike since August 1998. During a press conference following the decision, Bank of Canada Governor Tiff Macklem promised a “soft landing” for the Canadian economy, while achieving the bank’s of bringing inflation back under control.
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