The Bank of Canada's target overnight lending rate is 5%. The central bank's latest rate decision on Jan. 24 was to hold steady. The next interest rate decision will be made on Mar. 6.

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 that 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 (%) Inflation rate (%)
Jan. 24. 2024 5.00 -  
Dec. 6, 2023 5.00 - 3.4
Oct. 25, 2023 5.00 - 3.1
Sept. 6, 2023 5.00 - 3.8
July 12, 2023 5.00 +0.25 3.3
June 7, 2023 4.75 +0.25 2.8
April 12, 2023 4.50 - 4.4
March 8, 2023 4.50 - 4.3
Jan. 25, 2023 4.50 +0.25 5.9
Dec. 7, 2022 4.25 +0.50 6.3
Oct. 26, 2022 3.75 +0.50 6.9
Sept. 7, 2022 3.25 +0.75 6.9
July 13, 2022 2.50 +1.00 7.6
June 1, 2022 1.50 +0.50 8.1
April 13, 2022 1.00 +0.50 6.8
March 2, 2022 0.50 +0.25 6.7
Hear Scotiabank’s Chief Economist Jean-François Perrault break down the latest Bank of Canada decision on our Perspectives podcast: