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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.

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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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