Toronto, Canada, Oct 28, 2026 (AFP) - Bank of Canada raises key interest rate to 2.5%, citing high oil prices

NAMPA / AFP

2026-10-28

Canada's central bank raised its key interest rate to 2.5 percent Wednesday, its first hike since 2023, citing rising oil prices driven by war in the Middle East. "The conflict in the Middle East is now in its eighth month and there is no clear path to resolution," the Bank of Canada said in a press release, highlighting its desire to contain energy price inflation before it spreads further across the Canadian economy. bs/acb ...

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