Bank of Canada's first rate decision of 2026 is due Jan. 28

The Bank of Canada will announce its first policy rate decision of 2026 on Jan. 28 after recent data showed mixed signals, including December consumer inflation at 2.4% and a rise in unemployment to 6.8%.

The Bank of Canada will make its first interest rate announcement of 2026 on Jan. 28. This comes after a series of recent economic reports that have given mixed signals about the health of the Canadian economy. Consumer inflation was reported at 2.4% in December 2025, while unemployment rose to 6.8% in the same month. The Bank last held its key policy rate at 2.25% at the Dec. 10, 2025 meeting. Key facts: - The Bank of Canada is scheduled to announce its policy decision on Jan. 28, 2026. - The Bank held the key policy rate at 2.25% on Dec. 10, 2025. - Officials have noted inflation is roughly in line with the target while observing that prices have not yet fallen. - Recent data include 2.4% consumer inflation in December, a 0.3% GDP decline in October, and an unemployment rate of 6.8% in December. Summary: The Jan. 28 announcement will set the Bank's overnight rate after mixed economic signals. Officials and some economists have signalled that a rate hold is likely while noting pressures in the labour market and prices. The next formal procedural step is the Bank's policy announcement on Jan. 28, 2026.