The Bank of Canada intends to keep raising interest rates despite an unexpected drop in inflation last month, Bank of Canada Governor David Dodge said Monday.

Dodge said the speed of rate increases will depend on the pace of economic growth in the United States, China and India, as well as on domestic factors.

“The pace of our actions will be depend on our continuing assessment of the evolving prospects for pressures on capacity and inflation,” Dodge said in a speech to the annual meeting of the Canadian Chamber of Commerce in Calgary.

His speech followed a low reading on price increases from Statistics Canada on Friday, showing the annual rate of inflation receding to a mere 1.9% in August.

On Tuesday, the U.S. Federal Reserve Board is expected to boost short-term interest rates for a third time this year in an effort to keep inflation at bay.