The Bank of Canada's target overnight lending rate is 4.75%. The central bank's latest rate decision on June 5 was to lower its overnight lending rate from 5% to 4.75%. The next interest rate decision will be made on July 24.

Here is the latest data for the central bank's rate decisions since March 2022 — when it began raising rates to curb inflation — and the inflation rate for each month. 

Chart showing the Bank of Canada's decision on its target overnight lending rate and inflation

Source: Bank of Canada, Statistics Canada

Bank of Canada decision date Interest rate (%) Change (%)
June 5, 2024 4.75 -0.25
Apr. 10, 2024 5.00 -
Mar. 6, 2024 5.00 -
Jan. 24, 2024 5.00 -
Dec. 6, 2023 5.00 -
Oct. 25, 2023 5.00 -
Sept. 6, 2023 5.00 -
July 12, 2023 5.00 +0.25
June 7, 2023 4.75 +0.25
April 12, 2023 4.50 -
March 8, 2023 4.50 -
Jan. 25, 2023 4.50 +0.25
Dec. 7, 2022 4.25 +0.50
Oct. 26, 2022 3.75 +0.50
Sept. 7, 2022 3.25 +0.75
July 13, 2022 2.50 +1.00
June 1, 2022 1.50 +0.50
April 13, 2022 1.00 +0.50
March 2, 2022 0.50 +0.25
Month Inflation rate (%)
June 2024 2.7
May 2024 2.9
April 2024 2.7
March 2024 2.9
February 2024 2.8
January 2024 2.9
December 2023 3.4
November 2023 3.1
October 2023 3.1
September 2023 3.8
August 2023 4.0
July 2023 3.3
June 2023 2.8
May 2023 3.4
April 2023 4.4
March 2023 4.3
February 2023 5.2
January 2023 5.9
December 2022 6.3
November 2022 6.8
October 2022 6.9
September 2022 6.9
August 2022 7.0
July 2022 7.6
June 2022 8.1
May 2022 7.7
April 2022 6.8
March 2022 6.7

These inflation numbers represent the Consumer Price Index (total CPI). As defined by the Bank of Canada, "The Consumer Price Index (CPI) is an indicator of changes in consumer prices experienced by Canadians. It is obtained by comparing, over time, the cost of a fixed basket of goods and services purchased by consumers."

Jean-François Perrault breaks down the latest Bank of Canada interest rate decision: