Canada Global(Web News)The Bank of Canada is going to release the fourth update of this year regarding the interest rate on June 5, on which people have high hopes that the bank will finally reduce the interest rate of Canada.
Earlier in January, March and April, the Bank of Canada did not increase the interest rate, but since last year, the interest rate has been kept at 5 percent. During the previous update, the Bank of Canada said Canada’s GDP is expected to grow at 2.75% in 2024 and around 3% in 2025-26. At the same time, the Bank of Canada said that the target of bringing Canada’s inflation rate to 2 percent by the end of this year will be met.
Although Canadians are still angry about the issue of inflation as according to Canadian government agencies the inflation rate is decreasing, Canadians say that the prices of everyday food items are skyrocketing. From which the big grocery companies are making profit.
The Bank of Canada has raised interest rates 7 times since 2022. In a report published in January, Oxford experts said the Bank of Canada could decide to cut interest rates after the middle of this year.
