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The Bank of Canada’s latest interest rate hike didn’t sit well with Ontario Premier Doug Ford.
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The premier told reporters on Wednesday that he does not want rates to rise.
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“I understand their philosophy; they want to cool inflation,” said Ford. “But interest rates just keep going up, personally I don’t believe in it.”
The central bank raised the key interest rate to 4.25% in an attempt to curb rising inflation.
Ford said the government is hearing that inflation is likely to rise in April, May and June of 2023.
“I believe in keeping interest rates low, keeping taxes low, putting more money in people’s pockets,” Ford said. “They’re going to go out and they’re going to spend it, they’re going to invest it.”
The premier said that energy is responsible for probably 35% of inflation, which increases the cost of moving goods from manufacturing facilities to stores.
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