Inflation fairly tame, bucks global trend…
Canada’s annual inflation rate slipped to a relatively tame 2.3 percent in January, bucking a tre
nd which has seen several major nations struggle to keep rising prices under control. The increase, which matched market expectations, compares with the 2.4 percent recorded in December. It also means the Bank of Canada will be under no immediate pressure to raise interest rates on March 1, 2011. This is good news for all you with variable rate mortgages.
Inflation is one of the most important barometers, amongst others, that the Bank of Canada watches when determining what to do with the overnight lending rate.
Stay tuned for next Tuesday’s Bank of Canada announcement.
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