BOC’s goal is to stabilize prices

Vancouver, Toronto, Calgary

2022/09/19

BOC ↑ its key interest rate for the 5th time in 2022, to 3.25% in an attempt to curb inflation. It ↑ 0.75% from the institution’s full percentage point hike in July to 2.5%. COVID-19 outbreak, ongoing supply disruptions, and the war in Ukraine dampen growth and boost prices. Also, the global inflation is rising, so central banks are responding by tightening their monetary policies. BOC’s goal is to stabilize prices by reaching its 2% inflation target.