Ottawa: A year after the Bank of Canada continued to raise interest rates, economists expect the central bank not to raise interest rates in the next announcement.

The Bank of Canada may keep its key interest rate on hold at 4.50% for the rest of this year, officials said.

CIBC’s executive director of economics Karyne Charbonneau said that the bank is due to decide on its interest rates next week and it is expected that the bank will not increase these rates this time.

The latest economic data has revealed that the pace of inflation is slowing down amid rising inflation, weak business investment and consumer spending. Since last March, the central bank has increased its interest rates by 4.5 percent starting from zero. This year is the highest since 2007.

After announcing an eighth interest rate hike in January, the Bank of Canada had said it would put on hold the increase in interest rates for a while to give the economy a chance to settle down.

The next decision on interest rates will be announced by the central bank on Wednesday.

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