The latest minutes released by the Bank of Canada show that policymakers debated raising interest rates as they assessed the persistence of inflation.
In a summary of its meeting from earlier in April, the central bank said that its Governing Council considered another interest rate hike.
Arguments supporting an interest rate increase were continued economic growth, ongoing challenges in lowering inflation, and risks posed by persistently high inflation.
While central bank policymakers are confident that inflation will fall to 3% by mid-year, they remain worried that a return to their 2% target may take longer as consumer prices remain elevated for an extended period.
In the end, the Bank of Canada decided to keep its trendsetting overnight interest rate at 4.50% on April 12, and chose to wait for more economic data to determine whether rates need to rise.
The decision to hold interest rates was supported by data that has shown demand, inflation and the labour market easing from recent highs.
The latest reading showed that inflation in Canada fell to an annualized rate of 4.3% in March of this year.
