The Deputy Governor of the Bank said on Thursday that the Bank of Canada will study the latest economic data to gauge whether it will raise interest rates further, adding that it will continue to act strongly if necessary.

The central bank raised the benchmark interest rate by half a percentage point on Wednesday to the highest level in about 15 years and indicated that the unprecedented tightening campaign is nearing its end.

The Deputy Governor, Sharon Kozicki, also said in a speech in Montreal: "We expect our decisions to be more data-dependent," adding that the bank is still ready to be "strong" regarding interest rates if necessary.

The central bank also raised interest rates at a record pace of 400 basis points in nine months to 4.25 percent — a level last seen in January 2008 — to combat inflation that is much higher than its target.

On Wednesday, the bank pointed to growth that remains strong and tight labor markets but canceled the forward guidance it had used since it began raising interest rates in March, omitting the language that it would have to rise further.

Kozicki also said that inflation, recorded at 6.9 percent in October, "remains very high," more than three times the bank's 2 percent target. However, Kozicki said that core inflation rates over three months fell to around 3.5 percent, indicating "that the momentum in inflation is waning."