# Bank of Canada says it raised policy rate to 2.5%

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Topic: Business · Status: published · Version: 1
Published: 2026-11-03T16:46:45.384Z · Updated: 2026-11-03T16:46:45.384Z
Record: https://davids.news/s/bank-of-canada-says-it-raised-policy-rate-to-2-5-8feccba9

In a Nov. 3 statement, the bank said it had increased the rate by 25 basis points, its first hike since July 2023.

- The bank cited a deteriorating inflation outlook and higher global oil prices amid the continuing Middle East war.

Why it matters: The bank said higher oil prices are raising fuel costs for Canadians and expenses for businesses.

## Original sources

- [Bank of Canada · Speeches](<https://www.bankofcanada.ca/2026/11/opening-statement-house-commons-standing-committee-finance-2026-11-03>) — primary announcement
  Adapted summary. Source: Bank of Canada · Speeches 2026 · Original report: 2026-11-03T11:00:54.000Z
  Licence: <https://www.bankofcanada.ca/terms>

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