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Bank of Canada Says Needs to ‘Increase Interest Rate More’ to Cool Economy

© Flickr / Brent EadesBank of Canada, Ottawa
Bank of Canada, Ottawa - Sputnik International, 1920, 06.10.2022
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WASHINGTON (Sputnik) - The Bank of Canada said on Thursday it needs to "increase the interest rate more" to cool the economy and achieve the 2% inflation level objective.
"We need to increase the interest rate more. We’ve increased interest rates five times since March, and we’re already seeing results from our actions. Sectors that are more sensitive to interest rate increases, like housing, are already slowing," the Bank of Canada said in a statement.
High energy and food prices are among some of the global challenges impacting the inflation levels in Canada in addition to significant labor shortages at home and rising wages that translate into higher prices for Canadian consumers.
A U.S. flag waves outside the New York Stock Exchange, Monday, Jan. 24, 2022, in New York. Stocks are drifting between small gains and losses in the early going on Wall Street Tuesday, May 3, 2022 as investors await Wednesday's decision by the Federal Reserve on interest rates. The Fed is expected to raise its benchmark rate by twice the usual amount this week as it steps up its fight against inflation, which is at a four-decade high. - Sputnik International, 1920, 30.09.2022
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As the financial burden is transferred to consumers, the Bank of Canada said it has taken forceful action to restore price stability in the country.
"It will take time, but we are going to bring inflation back to the 2% target," the statement said.
As of September 7, the policy interest rate of Canada is 3.25%, with the inflation sitting at 7%. The Bank of Canada is expected to announce a new interest rate hike on October 26.
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