The statement on interest rates issued by the Bank of Canada today, Wednesday, included the following points:

The Bank of Canada's Monetary Policy Committee decided to raise the interest rate by 75 basis points to 3.25%.
The bank rate was raised to 3.50%.
The global and Canadian economies are broadly evolving in line with the Bank’s July projections.
The ongoing effects of the coronavirus outbreak, continued supply disruptions, and the war in Ukraine continue to weaken growth and fuel prices.
Global inflation remains high, and core inflation measures are rising in most countries.
In response, central banks worldwide continue to tighten monetary policy.
Economic activity in the United States has declined, although the US labor market remains strong.
China faces ongoing challenges from COVID lockdowns.
Commodity prices have been volatile, with oil, wheat, and lumber prices falling while natural gas prices rose.
In Canada, the consumer price index inflation declined to 7.6% in July from 8.1% due to lower gasoline prices.
However, inflation excluding gasoline rose, and data indicates widening price pressures, especially in services.
The Bank’s core inflation measures continued to rise, ranging from 5% to 5.5% in July.
Surveys indicate that short-term inflation expectations remain elevated. The longer this persists, the greater the risk of entrenched high inflation.
The Canadian economy continues to operate with excess demand, and labor markets remain tight.
Canadian GDP grew by 3.3% in the second quarter, and although this was somewhat weaker than the Bank expected, local demand indicators were very strong, with consumption growing by about 9% and business investment increasing by nearly 12%.
With rising mortgage rates, the housing market is declining as expected after unsustainable growth during the pandemic.
The Bank of Canada continues to expect a moderation in the economy in the second half of this year, as global demand weakens and tighter monetary policy in Canada begins to align demand more closely with supply.
Looking at inflation expectations, the Governing Council still sees the policy interest rate needing to rise further.
The Bank of Canada will assess how much interest rates should rise to bring inflation back to target.
The Governing Council remains steadfast in its commitment to price stability and will continue taking necessary actions to achieve the 2% inflation target.​
The Bank of Canada’s Governing Council is determined in its commitment to price stability and will continue taking necessary actions to achieve the 2% inflation target.