THINK OUTSIDE THE BOX: The move was expected by markets and marks the Bank’s 10th rate hike since starting this rate-hike cycle in March 2022.  Many lenders prime rate is now 7.2%.

In its statement, the Bank said it made the decision “in light of the accumulation of evidence that excess demand and elevated core inflation are both proving more persistent.”

The Bank added it will “continue to assess the dynamics of core inflation and the outlook for CPI inflation.  Click here to read the Bank's full statement