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Bank of Canada hikes key interest rate for the seventh straight month

It’s going to cost more to borrow money.

For the seventh straight month, the Bank of Canada has raised its key policy rate by fifty basis points to four-and-a-quarter percent.

This is the highest it has been since 2008.

The inflation rate remains high at 6-point-nine percent which is above the central bank’s 2 percent target.

The bank did not rule out further increases but it will be watching how interest rates slow demand, global supply challenges, and whether inflation and rising prices are cooling in order to make that decision.

The next rate announcement will be in late January.

with files from Vista Radio newswire

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