The Bank of Canada left its benchmark overnight interest rate unchanged at 5%, which was in line with analysts' expectations.
The central bank expressed concern about continued underlying inflationary pressures and indicated that it is prepared to raise interest rates again if necessary.
The bank expects the consumer price index (CPI) to rise in the near term due to the recent increase in gasoline prices.
It added that the Canadian economy has entered a phase of weak growth, which is necessary to ease inflationary pressures.
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