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Central bank keeps key interest rate at 5%

The Bank of Canada is holding its benchmark interest rate steady at five per cent.

The central bank says past interest rate hikes are dampening economic activity and helping to ease inflation.

The key interest rate sets the stage for consumer loans, like mortgages.

The bank has rapidly raised its rates since March of last year to reign in inflation.

September’s inflation rate came in at three-point-eight per cent, still higher than the Bank of Canada’s target of two per cent.

with files from Vista Radio newswire

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Brendan Pawliw
Brendan Pawliw
Since moving to Prince George in 2015, Brendan has covered local sports including the WHL’s Prince George Cougars, Prince George Spruce Kings, UNBC Timberwolves, Cariboo Cougars AAA, and Northern Capitals U18 female hockey teams. Career highlights include play-by-play during the Spruce Kings' BCHL championship runs in 2018 and 2019, including the Doyle Cup win. He also covered the 2019 National Junior A Championship, the 2017 Telus Cup, the 2022 World Women’s Curling Championship, and the 2022 BC Summer Games. Brendan is the news voice on 94.3 The Goat and Country 97 FM, reporting on crime, real estate, labour, and environmental issues. Outside of work, he officiates box lacrosse and fastball, sits on the Prince George Sports Hall of Fame board, and co-hosts the Hockey North podcast.

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