Last March, the bank began an aggressive rate-hike campaign in a bid to drive inflation down, pushing its key overnight rate to 4.5 per cent from 0.25 per cent.
The theory is that by making it more expensive to borrow money, consumers — and businesses — will spend less, which will drive prices down. came with a statement from bank governor Tiff Macklem that it was pausing hikes — at least temporarily. Last month, the bank said in a forecast that it expects inflation to fall to around three per cent “by the middle of the year,” and to hit two per cent by the end of 2024.
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