OTTAWA (dpa-AFX) – Central Bank of Canada is held by policy rate The growth was as expected given the high inflation. It rose 0.25 percentage points to 0.50 percent, according to a Bank of Canada statement issued on Wednesday. Most analysts expected this. This is the first interest rate hike since 2018. It had reduced interest rates significantly since the pandemic began.

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Central bank refers to high inflation. At 5.1 per cent in January, this was well above the inflation target of two per cent. It added that everything would be done to re-achieve the target and remain firmly on top of inflation expectations. The central bank also announced a further hike in rates.

“Russia’s unprovoked invasion of Ukraine is a major new source of uncertainty,” the central bank writes. There has been a huge jump in the prices of crude oil and other raw materials. This will lead to global inflation, the statement said. New delivery barriers and rising uncertainty could have a negative impact on global growth. The situation is not clear and the situation is being closely followed./jsl/jkr/he

Source: dpa-afx