Slowing inflation not enough to prevent September interest rate hike, economists sayOTTAWA — Inflation in Canada finally appears to have peaked, but it nonetheless remains too high to dissuade the Bank of Canada from raising interest rates significantly in September, economists say. This will ultimately be better for everyone because high inflation hurts us all. The Bank of Canada is hoping that a series of interest rate hikes will dampen demand in the economy enough to slow the pace of price increases. Economists are widely expecting the Bank of Canada to raise its key interest rate by three-quarters of a percentage point on Sept. 7. Traveller accommodation prices rose by nearly 50 per cent since a year ago, with the largest price increases in Ontario.

Source: CBC News August 16, 2022 08:43 UTC