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Bank of Canada

The Bank of Canada is expected to announce another big interest rate hike next week amid signals from other central bankers around the world that they won't be easing their fight against out-of-control inflation just yet.

In July, Canada's year-over-year inflation rate dipped a bit from June due to lower gas prices, but still registered at 7.6 per cent.

Some of Canada's big banks predict the central bank will raise its key interest rate by three-quarters of a percentage point on Wednesday, which will prompt other lending rates to rise and make it more expensive to borrow money.

But some economists fear serious repercussions because of the high level of business and household debt in the economy. 

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