Bank of Canada Raises Interest Rate

Wednesday, 7 September 2022 07:09

By Karen Moncur/Linda Morgan

The Bank of Canada has raised its key interest rate to 3.25 percent.

The Bank of Canada has raised its key interest rate by three quarters of a percent.

The rate now sits at 3.25 percent.

The central bank says global inflation remains high, meaning rates will likely continue to rise for the time being.

Canada's year over year inflation rate was 7.6 percent in July, which is well above the bank's two percent target.

Today's announcement matches what was being predicted by many economists.

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