Inflation, affordability top of mind for MPs, economists following BoC interest rate hike

The Bank of Canada cited the 'unprovoked invasion of Ukraine by Russia' as a 'major new source of uncertainty,' as it increased interest rates for the first time in years while prices for oil and other commodities continued to rise sharply on March 2.

Bank of Canada Governor Tiff Macklem, left, Deputy Prime Minister and Finance Minister Chrystia Freeland, right. In a media availability on March 3, Macklem said 'it's pretty clear that our near-term inflation outlook is now higher, and Canadians are going to feel that in their pocketbook.'The Hill Times photographs by Andrew Meade

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BY MIKE LAPOINTE

March 7, 2022

After years of rock-bottom interest rates, the Bank of Canada moved its key rate up for the first time since 2018 last week, a move some economists say will help provide stability to financial markets in particularly uncertain times, but others also say the move will do little to help manage a worse...

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