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

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Topic: Business · Status: published · Version: 1
Published: 2026-11-05T20:31:17.086Z · Updated: 2026-11-05T20:31:17.086Z
Record: https://davids.news/s/bank-of-canada-says-it-raised-policy-rate-to-2-5-e93a1add

In a Senate committee statement, the bank said the 25-basis-point increase was its first since July 2023.

- The Bank of Canada cited a deteriorating inflation outlook and higher global oil prices expected to last longer.

Why it matters: The bank said higher oil prices are raising costs for Canadians at the pump and for businesses.

## Original sources

- [Bank of Canada · Speeches](<https://www.bankofcanada.ca/2026/11/opening-statement-standing-senate-committee-banking-commerce-and-economy-2026-11-05>) — primary announcement
  Adapted summary. Source: Bank of Canada · Speeches 2026 · Original report: 2026-11-05T10:30:59.000Z
  Licence: <https://www.bankofcanada.ca/terms>

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