A majority of economists expect the central bank to raise the rate by a quarter of a percentage point to 0.75 per cent.
Such a move would increase the costs of variable rate mortgages, home equity lines of credit and other loans linked to the big bank prime rates.
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The announcement comes following a series of data suggesting the economy started the year on a strong footing even as inflation has remained below the Bank of Canada’s target of two per cent.
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The central bank last raised its key interest rate target in September 2010.