Bank of Canada raises policy interest rates 100 basis points to 2.5 per cent

CHILLIWACK — The Bank of Canada announced today that it has increased its target for the overnight rate to 2.5 per cent, marking an increase of 100 basis points and the biggest policy rate hike in 24 years dating back to 1998.Inflationary pressures remain higher and more prolonged than the Bank of Canada anticipated in its April Monetary Policy Report, the central bank reported. Inflation is expected to hover around 8 per cent for the next few months.The central bank acknowledged ongoing g