Bank of Canada's latest Monetary Policy Report sees growth strengthening to 2 per cent

28 October 2026

The Bank of Canada has published its Monetary Policy Report for October 2026, the quarterly document in which it sets out its outlook for the Canadian economy. The report projects that growth will strengthen to 2 per cent in both 2027 and 2028. On prices, it says inflation remains around 3 per cent at present and is expected to stay above 3 per cent through much of 2027 before coming back close to 2 per cent by the middle of 2028. The 2 per cent figure is the inflation-control target the Bank and the federal government set jointly; it is the midpoint of a 1 to 3 per cent control range first adopted in 1991 and reviewed every five years. The Bank's policy interest rate is formally called the target for the overnight rate. The Monetary Policy Report is released alongside the Bank's scheduled interest rate announcements.