Ontario: The Bank of Canada has announced an increase in its interest rates today to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%.

With this, these interest rates will reach 4.5 per cent and it will be the highest since 2007.

The Bank of Canada has raised interest rates seven times since March to curb inflation that has crossed all limits. Economists believe that these interest rates will not be increased further by the bank after the increase to be made today.

How these interest rate hikes will affect Canadians’ spending habits will also be known over time. But the Bank of Canada is hoping that the economy will get back on track in the coming months and the situation will also be closely monitored by the bank.

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