• On July 12, 2023, The Bank of Canada announced another 25 basis point rate hike, rising the interest rate to 5%, due to stronger than expected economy growth.
• The prime rate in Canada as of Aug 8, 2023 increased to 7.20% from 6.95%.
• Updated on July 18, 2023: Canada's inflation rate was 2.81% in June 2023, a sizable decline from the 3.4% annual inflation rate seen in May 2023.

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