Bank of Canada Raises Interest Rates by Another 50 Points

The Bank of Canada raised interest rates by another 50 points on October 26th, 2022.

This is due to inflation all around the world which remains high, caused by global recovery after the pandemic, supply disruptions, and elevated prices for commodities.

Inflation is currently at 6.9 percent and does not show any sign of slowing yet.

This is the sixth time this year that the Bank of Canada has raised the interest rate. In the long term, this move is meant to assist people by bringing down the cost of living. But in the meantime, plenty of lenders are feeling the effects.

Economists predict that the rate will rise again, although less per announcement than previously. They predict rates will stay high until potentially the end of 2023.

The Bank of Canada’s next rate announcement will be on December 7th.