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Bank of Canada likely to increase trend-setting rate by mid-July

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Expect to pay more interest on mortgages, credit cards, and other borrowings next month.

Experts say yesterday’s (Wednesday) inflation numbers for May will likely force the Bank of Canada to increase its trend-setting rate by another three-quarters
of a percentage point at its next session in mid-July.

The annual cost of living rose by 7.7 percent in May, fuelled largely by higher energy costs.

That’s the biggest jump since 1983, and larger than most analysts had predicted.

The central bank has already increased its rates by a full percentage point this year.

with files from Vista Radio newswire

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