Two years ago, the Bank of Canada (BoC) raised interest rates for the first time, in what became a historic rate hiking cycle.
March 2022 saw a quarter of a percentage point increase, the first of ten hikes that have since taken the central bank's key interest rate to five per cent — the highest level in 22 years.
Though painful for many Canadians, the BoC says when it comes to taming inflation, its steep tightening cycle has worked. From a high of over eight per cent in June of 2022, consumer inflation has since cooled significantly, with the most recent reading for January coming in at 2.9 per cent.
But after two years of high rates, economic concerns have since shifted, from inflation to growth — and even the possibility of a recession.
Global’s Nivrita Ganguly reports.
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