Interest rates vs. inflation rates: How the G7 countries compare to Canada
November 10, 2022
November 10, 2022
Advocacy
With inflation rates at multi-decade highs, central banks in G7 nations have been rushing to raise interest rates—some more aggressively than others. Despite the intentional hikes, data has shown that consecutive rate hikes may not be as effective in bringing down high rates to pre-pandemic levels.
The Bank of Canada raised its interest rate to 3.75 per cent from 3.25 per cent, while predicting Canada could see a potential recession in the first half of 2023, according to its latest Monetary Policy Report.
