Canadian households struggling with the high cost of things like mortgages, auto loans and others impacted by interest rates could see some relief soon if the Bank of Canada cuts rates Wednesday.

Although this may be good news for household affordability, experts warn food prices are likely only going to continue going up — a warning that comes as food banks across Canada highlight a sharp rise in demand .

Economists have suggested the central bank could cut its overnight benchmark lending rate on Oct. 29 by 25 basis points, which would be its second cut since March.

This would effectively lower costs for some consumers with variable rate loans like a mortgage, or those applying for loans that could see lower rates, and allow them to spend more on essentials like food.

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