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Poilievre blames Trudeau for increase in interest rate.

Conservative leader Pierre Poilievre blamed Prime Minister Justin Trudeau for the Bank of Canada's decision to increase interest rates again on Wednesday, stating that public spending has fueled inflation.

The central bank raised its interest rate by 25 basis points to 5%, a move that Poilievre attributes to the prime minister's policies.

The decision to increase interest rates is indeed within the purview of the Bank of Canada, not the federal government.

The central bank's mandate is to achieve price stability (low inflation), and one of its few tools to achieve this goal is through interest rate hikes.

As a consequence, the cost of borrowing will rise. This means that homeowners with variable-rate mortgages and consumers with auto loans will have to make more effort to pay their bills.

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