Inflation: Bank of Canada holds key interest rate steady

the-bank-of-canada-1-6615935-1698230188602

Jordan Gowling
CTV National News Producer

OTTAWA - The Bank of Canada held its overnight rate at 5 per cent on Wednesday, as Canada’s economy continues to slow and indications that supply and demand are now approaching balance.

Interest rate increases have dampened economic growth, with Canadian economic growth averaging 1 per cent this year. The economy is expected to remain weak throughout 2024, before picking up to 2.5 per cent in 2025.

This is a breaking news update. Check back for more information.