Rates round-up: Canada adds 50bp to main rate

Bank of Canada, Ottawa
Bank of Canada, Ottawa
Photo: Matthew Liteplo Photography

Canada: The Bank of Canada raised its policy rate by 50 basis points on June 1, bringing the overnight rate to 1.5%. The bank said the economy is “clearly operating in excess demand”.

Consumer price index (CPI) inflation rose 6.8% over the year ending in April in Canada, with food and energy prices driving the bulk of the price increases. January 1991 was the last time inflation in Canada was higher than 6.8%.

The central bank said inflation “will likely move even higher in the near term

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