On today, Wednesday July 12th. 2023 the Bank of Canada has made an announcement that the key interest rates will rise 0.25%, hiking interest rates to 5%.



This is the highest level since 2001.



The central bank says excess demand is proving more persisten as it tries to bring inflation back to it's 2% target range, which it now expects won't happen until the middle of 2025.



Following a five-month pause, the Bank of Canada resumed rate hikes last month after data showed the economy remained hot.



The next interest rate announcement is expected on September 6th, 2023. Stay tuned.