Rate now sits at 4.75 percent
The Bank of Canada raised its key interest rate this morning, after a pause was announced earlier this year.
The rate has gone up by a quarter of a percent, to 4.75 percent.
This is the highest the rate has been since April 2021.
The central bank says the hike is needed in order to bring inflation down to its target of two percent.
The bank also notes there is a tight labour market, and the economy grew better than predicted in the first quarter of the year.
Experts predict inflation will still fall to about three percent this summer, but there are concerns that it may get stuck at higher than two percent.
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