The bank of Canada has raised its benchmark interest rate three quarters of a percentage point.
The central bank key policy rate now sits at 3.25 per cent.
This increase marks the 5th interest rate hike so far in 2022.
These moves have been made in an effort to tackle the high levels of inflation.
The annual inflation rate hit 7.6 per cent in July, a drop seen in June which was 8.1 per cent which was mostly a result of a drop in gas prices across the country.
