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Bank of Canada signals interest rate likely at peak

1/25/2023

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As expected, the Bank of Canada bumped up its policy interest rate by a quarter point while signalling no further moves are planned until the impact on the economy can be more fully assessed.
 
"Inflation is projected to come down significantly this year," a media release from the Bank stated. "Lower energy prices, improvements in global supply conditions, and the effects of higher interest rates on demand are expected to bring CPI inflation down to around 3% in the middle of this year and back to the 2% target in 2024."
 
The Bank of Canada has hiked its rate eight times in less than a year. The moves have slowed business investment and dampened consumer confidence, adversely affecting most business sectors.
 
"We've been checking in with our members during this time and I know it's been difficult for many people facing higher costs," Chamber CEO Bruce Williams said. "We're focused on supporting members as we can, helping them build resiliency in their organizations while calling for smart investments from government so that our regional economy can come back stronger than ever."
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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
  • The Chamber 1863
    • 1863-Indigenous
    • 1863-Early Chamber
    • 1863-History Events
    • 1863-Booms and Busts
    • 1863-Members & Communities
    • 1863-Women, people and organizations
    • 1863-Committees
    • 1863-Chairs and Chair Businesses
  • 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