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    On Wednesday, the Bank of Canada bumped its benchmark interest rate by half a percentage point to one per cent. The change comes as the bank tries to combat the high inflation impacting many Canadians. When the pandemic began in March 2020, the bank slashed its rate to barely above zero. 

    The move helped the economy to survive the unprecedented uncertainty of COVID-19 in recent months. However, inflation has come back to its highest level in decades, pushing the bank to reverse all that cheap credit. 

    This is the second time in many months that the bank has bumped its rate higher. The change on Wednesday is the bank’s first back-to-back rate hike since 2017, and its biggest single hike since the year 2000. Economists expected the change and say there will be more increases to come. 

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