"Our social cohesion is suffering”: Rising inflation, interest rates costing personal connections
CA, 26 Jan 2023
The Bank of Canada has hiked its benchmark interest rate to 4.5 per cent, the highest it's been since 2007. This is the eighth increase since March 2022.
Raising the key interest rate makes borrowing more expensive and forces Canadians to put more money towards paying down debt, which is significant for those with variable-rate mortgages.
Anne Gaviola explains how the rising cost of living has affected the social cohesion of Canadians, and how the central bank is hinting at pausing rate hikes.
For more info, please go to https://globalnews.ca/news/9434819/bank-of-canada-interest-rate-jan-2023/
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