Canada’s inflation rate increases to 4%

Statistics Canada released its latest inflation numbers today and it adds up to bad news.

Inflation jumped to 4 per cent last month, marking the second consecutive month the rate has risen.

The news signals a continuing rough patch for millions of Canadians who have been weighed down by interest rate hikes.

The Bank of Canada’s current base interest rate is at 5 per cent.

In September last year, the rate was at 3.25 per cent. Since then it’s gone up five times – all in an effort to curb inflation, which is still on the rise.

And with today’s numbers, we may see another hike next month.