Inflation surprised economists decelerating faster than expected in February giving the Bank of Canada more breathing room on rates. Read on
“Mortgage interest costs are now one of the biggest drivers of inflation…,” said Douglas Porter, chief economist at Bank of Montreal. “Many will thus point to the BoC as the ’cause’ of inflation, although note that inflation is still 4.7 per cent even excluding mortgage interest costs.”
The Bank of Canada’s overnight lending rate currently sits at 4.5 per cent, up 425 basis points from 0.25 per cent in March 2022 when it embarked on an unprecedented rate hiking campaign to try and tame fast-rising inflation that peaked at 8.1 per cent in June of last year.Article content
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