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The Bank of Canada (BoC) released its interest rate decision on Wednesday. The BoC kept its interest rate unchanged at 1.00%. Monetary policy makers said that there are the risks posed by slow inflation remain.
Total inflation in Canada increased to around 2% target due to the temporary effects of higher energy prices and weaker currency. The core inflation in Canada remains significantly below 2% target.
Canadian and global economy grew slower than expected in the first quarter of 2014. The slower growth was caused by severe weather and supply constraints.
The Bank of Canada Governor Stephen Poloz said in a statement on Wednesday the downside risks to the inflation outlook are as important as before.
The BoC pointed out that the current monetary policy is appropriate and the timing and direction of the next change to the interest rate will be determined by future economic data.
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