The Government and the Bank agree that monetary policy must work to promote the economic and financial well-being of Canadians. We also agree that the best way monetary policy can do this is by keeping inflation low, stable and predictable, thereby protecting Canadians from large increases in the cost of living.

The Bank of Canada today increased its target for the overnight rate by 25 basis points to 2.5%, with the Bank Rate at 2.75% and the deposit rate at 2.45%.