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Bank of Canada raises key interest rate for third time this year

Get set to pay more for borrowed money.

The Bank of Canada increased its prime lending rate today (Wednesday), in an attempt to slow down the highest levels of inflation in the past three decades.

The increase, which is half a percentage point, will lead to higher costs for mortgages, credit cards, lines of credit, and other debt.

The annual inflation rate reached 6.8 percent in April.

Food prices have jumped almost ten percent in the past 12 months, the fastest increase since 1981.

Gasoline prices are more than 36 percent higher than they were a year ago.

with files from Vista Radio newswire

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Brendan Pawliw
Brendan Pawliw
Since moving to Prince George in 2015, Brendan has covered local sports including the WHL’s Prince George Cougars, Prince George Spruce Kings, UNBC Timberwolves, Cariboo Cougars AAA, and Northern Capitals U18 female hockey teams. Career highlights include play-by-play during the Spruce Kings' BCHL championship runs in 2018 and 2019, including the Doyle Cup win. He also covered the 2019 National Junior A Championship, the 2017 Telus Cup, the 2022 World Women’s Curling Championship, and the 2022 BC Summer Games. Brendan is the news voice on 94.3 The Goat and Country 97 FM, reporting on crime, real estate, labour, and environmental issues. Outside of work, he officiates box lacrosse and fastball, sits on the Prince George Sports Hall of Fame board, and co-hosts the Hockey North podcast.

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