canara bank interest rates on term deposits

In recent months, the bank’s preferred measures of core inflation have been around 3.5 per cent to four per cent, with the October data coming in towards the lower end of this range. However, shelter price inflation has picked up, reflecting faster growth in rent and other housing costs along with the continued contribution from elevated mortgage interest costs.

Combined with the drop in gasoline prices, this contributed to the easing of CPI inflation to 3.1 per cent in October. The slowdown in the economy is reducing inflationary pressures in a broadening range of goods and services prices. Overall, these data and indicators for the fourth quarter suggest the economy is no longer in excess demand. Even so, wages are still rising by four per cent to five per cent. The labour market continues to ease: job creation has been slower than labour force growth, job vacancies have declined further, and the unemployment rate has risen modestly. Exports and inventory adjustment subtracted from GDP growth in the third quarter, while government spending and new home construction provided a boost. Higher interest rates are clearly restraining spending: consumption growth in the last two quarters was close to zero, and business investment has been volatile but essentially flat over the past year.

Real GDP contracted at a rate of 1.1 per cent in the third quarter, following growth of 1.4 per cent in the second quarter. In Canada, economic growth stalled through the middle quarters of 2023. dollar has weakened against most currencies, including Canada’s. Financial conditions have also eased, with long-term interest rates unwinding some of the sharp increases seen earlier in the autumn. Oil prices are about $10-per-barrel lower than was assumed in the October Monetary Policy Report (MPR). Growth in the euro area has weakened and, combined with lower energy prices, this has reduced inflationary pressures. In the United States, growth has been stronger than expected, led by robust consumer spending, but is likely to weaken in the months ahead as past policy rate increases work their way through the economy. The global economy continues to slow and inflation has eased further.

Canara bank interest rates on term deposits