The Bank of Canada held Canada’s interest rate at 4.5%.

The announcement came after the Bank hiked interest rates eight times in a span of roughly a year.

In a Wednesday statement, the Bank says it is responding to a cool-off in inflation, which partly informs the interest policy.

In January, the bank wrote that the string of interest rate hikes would help bring down consumer prices.

While the Bank’s statement said it still expects consumer inflation to fall 2.7% by the middle of this year, Statistics Canada in February reported a record rise in grocery prices.