How will the Bank of Canada interest rate hike affect your life?

The central bank has raised its key interest rate by a full percentage point.

Bank of Canada Gov. Tiff Macklem said Wednesday's rate hike, the single largest since August 1998, reflected "very unusual economic circumstances."

"Inflation is too high, and more people are getting more worried that high inflation is here to stay," Macklem said.

"We cannot let that happen. Restoring price stability -- low, stable and predictable inflation -- is paramount."

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What impact will this rate hike have on your life?

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  Governor of the Bank of Canada Tiff Macklem speaks at a press conference in Ottawa on Thursday, June 9, 2022. THE CANADIAN PRESS/ Patrick Doyle