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With a sigh of relief for most Canadians the Bank of Canada has announced today that it will not be raising its key rates as it sees the inflationary pressures easing with the economic slowdown. The over night rate will stay put at 5% for now.    

"The slowdown in the economy is reducing inflationary pressures in a broadening range of goods and services prices. Combined with the drop in gasoline prices, this contributed to the easing of CPI inflation to 3.1% in October. However, shelter price inflation has picked up, reflecting faster growth in rent and other housing costs along with the continued contribution from elevated mortgage interest costs. In recent months, the Bank’s preferred measures of core inflation have been around 3½-4%, with the…

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