The central bank increased the key rate by a quarter point as soaring energy prices pushed up inflation. By Promit Mukherjee and David Ljunggren OTTAWA, Oct 28 (Reuters) - The Bank of Canada on Wednesday hiked its key policy rate for the first time in more than three years and said further. The Bank of Canada raised its key rate to 2.5% on Oct. 28 — its first hike since 2023.