Bank of Canada maintains the policy rate at 2¼%
What happened
The Bank of Canada held its policy rate at 2.25% as inflation risks rise due to high oil prices and new US tariffs, despite a broadening economic recovery.
Bank of Canada Press Releases — Bank of Canada
Key points
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Bank of Canada held policy rate at 2.25% on October 28, 2026 decision date.
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Inflation remained at 2.2% excluding gasoline, while CPI hovered around 3% due to high oil prices.
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GDP grew 3.3% in Q2 2026, with unemployment at 6.4% in July, reflecting a broadening recovery.
Key numbers
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25% as inflation risks rise due to high oil prices and new US tariffs, despite a broadening economic recovery.
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25%, with the Bank Rate at 2.
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5% and the deposit rate at 2.
With the economy and inflation evolving largely as forecast in the July Monetary Policy Report, the Governing Council opted to leave the policy rate unchanged.
The Bank acknowledged heightened inflation risks and greater uncertainty around growth due to new tariffs.
It will continue monitoring economic sustainability and inflation outlook, ready to adjust monetary policy as needed.
The next rate announcement is scheduled for October 28, 2026, alongside the release of the Monetary Policy Report.