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Bank of Canada keeps key lending rate at 1%, inflation falls below 2%

OTTAWA--The Bank of Canada kept its key lending rate at one percent on Wednesday, as inflation drops further below its two percent target.

The central bank also hinted at a possible drop in the overnight rate if the economy stays flat, blaming “significant excess supply in the economy and heightened competition in the retail sector.”

Canada's inflation remains stubbornly low, and was last recorded in November at only 0.9 percent.

“The path for inflation is now expected to be lower than previously anticipated for most of the projection period,” the bank said.

November marked the seventh month in 13 in which the Canadian government statistical agency's Consumer Price Index increased less than one percent, in year-on-year terms.

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