The Bank of Canada has announced Wednesday that it will increase its benchmark interest rate by a full percentage point, taking a larger than expected hike to tame decades-high levels of inflation.

Bank of Canada Governor Tiff Macklem will address the decision during a press conference Wednesday.

The central bank’s key interest rate now sits at 2.5 per cent, a drastic shift from the 0.25 per cent rate seen at the start of the year.

Most economists had expected a 75 basis point increase, following the steps fo the U.S. Federal Reserve last month. Markets had also priced in that hike.

Wednesday’s increase marks the largest single jump in the bank’s key rate since 1998.

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