The Bank of Canada maintained its key interest rate at 5%.

The Bank of Canada maintained its key interest rate at 5%. For the second time since January, the Bank of Canada lifted interest rates by a quarter percentage point last month. Tiff McLem, Governor of the Bank of Canada, indicated interest rates might be lifted further if required.The central bank has stated that the rate hike would not be executed since economic demand has weakened and the top rates require more time to take effect.

Tiff Macklem stated that core inflation for the three months ending September 2022 exceeded the bank's forecast of 3.5 percent to 4 percent.