Canada's Prime Rate Reaches 7.2%

What is the Prime Rate?

The prime rate, also known as the prime lending rate, is the interest rate that major banks charge their best customers for short-term loans.

Canada's Prime Rate Today

As of May 2, 2024, Canada's prime rate is 7.2%. This is an increase from the previous week, when the prime rate was 7.2%. The prime rate has been steadily rising since the beginning of the year, as the Bank of Canada has raised interest rates to combat inflation.

The increase in the prime rate is likely to have a negative impact on Canadian consumers and businesses. Higher interest rates make it more expensive to borrow money, which can lead to slower economic growth.