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Bank of Canada hikes rate to keep inflation at bay

9/7/2022

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The belief that prices will keep rising can become self fulfilling as markets react to public expectation. To try and put an end to that, the Bank of Canada increased interest rates by 75 basis points Wednesday.

"Surveys suggest that short-term inflation expectations remain high," the Bank of Canada stated in its news release. "The longer this continues, the greater the risk that elevated inflation becomes entrenched."

Rising inflation has been the story of the summer, with fuel costs and global supply chain disruption causing the Consumer Price Index to reach 8.1% in June. Since then, the CPI has dropped though other indicators remain concerning.

To help understand what inflation and interest rates mean for Greater Victoria businesses, check out our special expert panel facilitated by Chamber CEO Bruce Williams.
Interest and Inflation Panel Discussion
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  • Membership
    • Why Join?
    • Job Board
    • Member to Member Offers
    • Benefits, Discounts & Savings >
      • Chamber Store
    • Chamber Local
    • 1863 Impact Award
    • Questions & Answers
    • Join Now
    • Member Login
  • Member Directory
  • Events
    • Signature Events >
      • Annual Auction
      • Business Awards
      • Business Hall of Fame
      • Business Leaders Series
    • Event Calendar >
      • Chamber Events
      • Community Events
    • Event Photos 2023
    • Sponsorship
  • News & Advocacy
    • Weekly BizNews >
      • BizNews-articles
    • Advocacy / Wins for Business >
      • Advocacy Wins
      • Business Property Taxes
      • Advocacy Priorities
    • Chamber Chats
    • In the News >
      • Published Op-Eds
      • Media Releases
    • Non-market housing
    • Find and keep workers
    • Business Matters Magazine
    • COVID-19
  • About Us
    • Emerge >
      • Emerge Events
      • Emerge Mentorship
      • Emerge Connect
    • Staff Directory
    • Board & Governance >
      • Governors
      • By-Laws, Plans & Reports
      • Committees
    • Chamber History
    • Partners & Sponsors
    • About Victoria >
      • Starting a Business
      • Moving Here
      • Visiting Victoria, BC
    • Contact Us