Russia’s ongoing invasion of Ukraine has caused the Bank of Canada to raise its key interest rate.
The rate is going up half a percentage point to one percent, the first time it has increased by more than 25 basis points in over two decades.
The B-O-C said price spikes in oil, natural gas and other commodities brought on by the Russian invasion of Ukraine are adding to inflation around the world and has also caused supply disruptions.
Those are two of the main reasons for the hike.
The increase marks the second consecutive interest rate hike this year.
– with files from Vista Radio newswire