The Bank of Canada hit pause on its interest rate hiking cycle on Wednesday, leaving its policy rate unchanged at 5.0 per cent.
But the central bank said in a statement accompanying the announcement that it was “prepared to increase the policy interest rate further if needed” as it “remains concerned about the persistence of underlying inflationary pressures.”
Canada’s annual inflation rate ticked back up to 3.3 per cent in July from 2.8 per cent the month before.
Mackenzie Gray joins us now with the latest.
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