Bank of Canada raises key interest rate by 50 basis points

The Bank of Canada increased its key overnight rate another half a percentage point to 1.5 per cent Wednesday.

This hike comes after a 50-basis-point move in April, the biggest bump in 22 years.

The bank is trying to control inflation, which soared to 6.8 per cent two months ago.

Inflation in Canada and internationally continues to rise, largely due to higher prices for energy and food.

The next scheduled date for announcing the overnight rate target is July 13.

More to come…