6.76°C Vancouver

Oct 25, 2023 5:37 PM -

Bank of Canada holds key interest rate at 5% for second time

Share On
bank-of-canada-holds-key-interest-rate-at-5-for-second-time
Inflation is still expected to return to the central bank's two per cent target in 2025, however, the central bank says it expects inflation to be higher in the short term. (Photo: The Canadian Press)

The Bank of Canada held its key interest rate steady at five per cent today, noting there are clearer signs of the economy cooling and inflation easing.

However, it warns that it is prepared to increase rates further if necessary.

The central bank says it's still concerned that price growth is easing too slowly and that the inflation rate has been volatile in recent months.

Forecasters widely expected the rate hold as economic data suggests high interest rates are already causing an economic pullback.

New economic projections released by the central bank suggest economic growth will continue to be weak well into next year before picking back up in late 2024.

Inflation is still expected to return to the central bank's two per cent target in 2025, however, the central bank says it expects inflation to be higher in the short term.

Latest news

envoy-talks-about-why-indias-trust-in-canada-is-shaken
EnglishOct 21, 2025

Envoy talks about why India's trust in Canada is shaken

Some statements made by the Indian government's High Commissioner in Ottawa, Dinesh Patnaik, have become a topic of discussion. New Delhi's envoy to Ottawa, Dinesh Patnaik claims that Canada's image in India has been damaged due to violent statements by some Sikh separatists. In an interview with the Canadian Press, he claims that the damage is such that it has become an obstacle in resetting India-Canada diplomatic relations and has also hindered the boost of trade relations between the two countries. In his statements, Patnaik also raised questions on the statements of former Prime Minist
west-shore-rcmp-officers-begin-using-body-worn-cameras-to-enhance-transparency
BCOct 21, 2025

West Shore RCMP officers begin using body-worn cameras to enhance transparency

Frontline RCMP officers in the West Shore area are now equipped with body-worn cameras as part of a new initiative aimed at increasing transparency and accountability in policing. The detachment says the cameras will record officers’ interactions with the public in real time, helping gather evidence and document events more clearly. Officers have received training on the proper use of the technology, including how and when to activate the devices and how to securely store recorded footage. According to the RCMP, the program is governed by national privacy and data management standards to ens
prime-minister-carney-celebrates-blue-jays-world-series-return-after-dramatic-game-7-win
CanadaOct 21, 2025

Prime Minister Carney celebrates Blue Jays’ World Series return after dramatic Game 7 win

Prime Minister Mark Carney says he is “super pumped” after the Toronto Blue Jays clinched their first American League pennant in more than three decades with a comeback victory over the Seattle Mariners. Speaking to reporters in Ottawa on Tuesday, Carney praised outfielder George Springer’s three-run home run that lifted the Jays to a 4–3 win in Game 7. The shot, which came despite Springer being hit on the knee earlier in the series, secured Toronto’s first trip to the World Series since 1993. Carney said the victory evoked memories of Joe Carter’s iconic walk-off home run that s
lamborghini-impounded-as-bc-highway-patrol-reminds-drivers-of-winter-tire-rules
BCOct 21, 2025

Lamborghini impounded as BC Highway Patrol reminds drivers of winter tire rules

BC Highway Patrol is reminding drivers across the province to equip their vehicles with proper winter tires after a luxury sports car was impounded for speeding and failing to meet seasonal driving requirements. On October 13, 2025, a Highway Patrol motorcycle officer on Highway 99 near Porteau Cove clocked a northbound Lamborghini Huracán travelling at 165 kilometres per hour in an 80 zone. The 34-year-old North Vancouver driver was stopped and received multiple fines under the Motor Vehicle Act, including for excessive speed, failing to display a front licence plate, and not meeting winter
AlbertaOct 21, 2025

Vote counting resumes in municipal elections across Alberta

Vote counting in Alberta's municipal and school board elections has resumed. Few results were available after polls closed Monday night, as rule changes made by Premier Danielle Smith's government require votes be counted by hand rather than with machines. As of this morning, fewer than 25 per cent of polls for Edmonton's mayoral race have reported, with longtime councillor Andrew Knack leading over fellow councillor Tim Cartmell. In Calgary, unofficial results have former councillor Jeremy Farkas unseating incumbent mayor Jyoti Gondek, who has conceded. Jasper Mayor Richard Ire

Related News