Bank of Canada increases interest rate to 5%

The Bank of Canada has raised its key interest rate to 5% from 4.75%, and the Bank Rate at 5.25% and the deposit rate at 5%. Canada's economy is stronger than expected, with more momentum in demand and strong consumption growth, but there are signs of more availability of workers and wage growth has been around 4-5%. This is causing the Bank to expect economic growth to slow, averaging around 1% in the second half of this year and the first half of next year, with two more interest rate announcements this year.

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