October 24, 2016 / 1:17 PM / in a year

Bank of Canada renews 2 percent inflation target for 5 more years

OTTAWA, Oct 24 (Reuters) - The Bank of Canada renewed its inflation target at the midpoint of a 1 to 3 percent range for another five years, the central bank and Canadian government said in a joint statement.

The target of 2 percent will continue to be defined in terms of the 12-month change in the total Consumer Price Index, and the agreement to renew the inflation target will end on Dec. 31, 2021, they said. (Reporting by Andrea Hopkins Editing by W Simon)

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