Canada Global(Web News) It is possible that the Bank of Canada will not increase its interest rate. Inflationary pressures have eased slightly in Canada.
Last month, the central bank kept its interest rate steady at five percent, but also said it could raise interest rates further if needed. The annual inflation rate increased in July and August, while the actual inflation rate did not get much relief in the last few months. But the pace of inflation eased slightly in September and the annual inflation rate reached 3·8 per cent.
Canada’s economy shrank in the second quarter. Economists expect this weakness to continue this year and into 2024.
