The Bank of Canada (BoC) on Wednesday is expected to hike its key overnight rate by a quarter of a percentage point to a 22-year high of 5.00% as economic growth continues to fuel a tight labor market and sticky underlying inflation, analysts said.
Last month, the Canadian central bank raised its overnight rate to 4.75% - also the highest level since 2001 - after a five-month pause, saying monetary policy was not restrictive enough. It then said further moves would depend on the picture painted by the latest economic data.
"Inflation has been running above the Bank of Canada's target for 27 consecutive months and there's no end in sight," Desjardins Group economists Royce Mendes and Tiago Figueiredo said in a note.
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