The Bank of Canada has racheted up rates again bringing its benchmark interest rate to five per cent. It’s
the highest level since 2001 and the bank is warning more hikes could be coming.

Since the Bank of Canada began raising rates in March 2022, inflation has dropped from a peak of 8.1 per cent last summer to 3.4 per cent in May. According to CTV News, it’s the 10th interest rate hike since March 2022.

The Bank of Canada’s next rate decision comes down Sept. 6.