OTTAWA—Canada’s central bank has been told to keep the annual pace of price gains at its historic target, but also to help build up the labour market. Since 1991, the Bank of Canada has targeted an annual inflation rate of between one and three percent, often landing in a sweet spot at two percent. That range remains at the centre of the renewed inflation-targeting agreement with the federal government. However, the new five-year deal outlines how the bank should consider how close employment levels are to the highest mark can hit before fuelling inflationary problems. The bank may decide to allow inflation to sit at closer to either end of the bank’s target range for short bursts as it determines when the labour market hits its full potential. It also could mean that the central bank keeps its trendsetting interest rate at the lowest level possible for longer stretches to …