ottawa—the canadian economics community is unanimous the bank of canada will raise its benchmark interest rate on wednesday the first in a series of increases this year as it begins the task of tamping down historically high inflation should it opt to increase rates the bank of canada would become the second group of seven central bank to do so since the pandemic the bank of england raised its policy rate twice in recent months and is expected to do so again in march with annual inflation forecast to surpass the 7 threshold