The central bank has by a full percentage point.
Bank of Canada Gov. Tiff Macklem said Wednesday's rate hike, the single largest since August 1998, reflected "very unusual economic circumstances."
"Inflation is too high, and more people are getting more worried that high inflation is here to stay," Macklem said.
"We cannot let that happen. Restoring price stability -- low, stable and predictable inflation -- is paramount."
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