Bank of Canada raises policy rate by 25 basis points to 2.5%
The central bank’s October 28 decision increases its overnight-rate target, citing the risk of persistent energy-related inflation.
What the record says
The Bank of Canada announced a 0.25-percentage-point increase in its overnight-rate target to 2.5%. It set the Bank Rate at 2.75% and the deposit rate at 2.45%.
Governing Council said it acted to reduce the risk that sustained high energy prices spread to other goods and services. It said further increases could be needed but emphasized uncertainty and a careful approach.
Source details and supporting locations.
Practical next step
Read the central bank’s decision and explanation.
Limits and what is not established
The bank’s outlook is a forecast, not a guaranteed result or advice on individual borrowing or investment decisions.
Sources checked October 28, 2026. Later notices may change instructions or arrangements.
Original sources
Bank of Canada: original information