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HomeNewsBank of Canada raises key interest rate for sixth time in 2022

Bank of Canada raises key interest rate for sixth time in 2022

Even though the rate of inflation has slowed the Bank of Canada is hiking its key interest rate again.

The central bank raised its rate this morning (Wednesday) by half a percentage point to 3.75%, making it more expensive for people and businesses to borrow money.

This is the sixth increase this year.

The B-O-C added even further increases may be needed to reign inflation into its goal of two percent.

Last month, the inflation rate fell to six point nine percent largely on the back of lower gas prices.

with files from Vista Radio newswire

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