Canada Global (Web News) The Bank of Canada is scheduled to release updated economic forecasts along with its most recent decision on interest rates on Wednesday morning.
Most forecasters predict a hike of 0.25 percentage points, which would raise the benchmark interest rate of the central bank to 5%.
After a brief hiatus, the central bank increased interest rates last month.
It highlighted worry over a spate of hot economic indicators that led its governing council to conclude that interest rates were not high enough to slow the growth and lower inflation.
Given the continued tight employment market and elevated price pressures, many predict another rate increase on Wednesday.
The annual inflation rate in Canada decreased to 3.4% in May, but less volatile measurements indicate that prices are still growing quickly.