The Bank of Canada is holding the line on its benchmark interest rate at 5 per cent.

Last week Senior Deputy Governor of the Bank of Canada Carolyn Rogers described low Canadian productivity as an “emergency” that makes it harder to control inflation and needs to be addressed.

Still, hopes remain that a reduction is due sometime this summer.

Chief Economist at the Conference Board of Canada, Pedro Antunes says there are a number of economic indicators the Bank of Canada takes into account when deciding if and when an adjustment is made to interest rates.

He says the pace of wage growth is something the Bank of Canada is keeping a close eye on, and later this month the Consumer Price Index reading will be updated, which is “a clear indicator whether we’re heading in the right direction.”