Bank of Canada ends pause on interest rate hikes

Interest rates are on the move again in Canada.

The Bank of Canada raised its key lending rate 25 basis points to 4.75 per cent Wednesday morning.

It marks the first rate increase by the central bank since January and puts rates at their highest level since April 2001.

Canada’s annual inflation rate has steadily declined since last summer but ticked up slightly to 4.4 per cent in April.