By Steve Scherer and David Ljunggren
OTTAWA, March 22 - The Bank of Canada was concerned about inflation sticking above its 2% target and agreed there might be a need to tighten monetary policy further when officials decided to leave rates on hold this month.
In January the bank said it expected inflation to ease to 3% at around mid-year and to slow to 2% next year. But during the deliberations ahead of the announcement, the bank noted that services inflation "is proving sticky", according to minutes from the policy-setting meeting released on Wednesday. But all five members backed keeping rates on hold to measure the effects of previous hikes because they agreed "the economy is slowing, and inflation is coming down".
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