Bank of Canada holds amid surging petrol prices
Growth projections largely unchanged as long-term effects of Iran war remain unclear
The Bank of Canada (BoC) has held its policy rate at 2.25%, as inflation accelerates amid surging energy prices.
“The Iran war has led to sharply higher energy prices and transportation disruptions, diminishing growth prospects in oil-importing countries and boosting inflation worldwide,” the bank said in a statement today (April 29).
Annual headline inflation in Canada rose to 2.4% in March, up from 1.8% in February. This was driven by a spike in petrol (gasoline) prices, which in March rose 6%
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