The Bank of Canada held its benchmark interest rate at 5%, a move widely expected by economists even as the central bank makes progress on tamping down inflation. The decision marks the fifth consecutive time that the central bank has held its key rate at 5%. Inflation in January slowed more than economists expected, with prices rising 2.9% annually, within the Bank of Canada’s target range of between one and 3%. The central bank’s core measures of inflation also slowed in January, a sign that price pressures are easing. While progress has been made on slowing inflation, the central bank flagged in a statement released alongside its decision that “underlying inflationary pressures persist,” highlighting that measures of core inflation are still in the 3 to 3.5% range, and that the share of components in the CPI that are growing above 3% declined, but remains above the historical average.