Another rate hike: Canadian are hit with double whammy

"Rates have gone from 0.25% all the way up to 5% - an absolutely astounding increase, 20 times higher than they were just over a year ago - all after Trudeau promised that they would stay low.
These rates are obviously set by the Bank of Canada, but the culprit is Justin Trudeau. His inflationary carbon tax and deficits are driving up the inflation rate, which forces the Bank of Canada to increase the interest rate.
Now Canadian are hit with the double whammy of higher costs for food, gas, housing, and grocery, and now higher costs of all that debt that Trudeau policies have forced them to take on."
(Conservative Leader Pierre Poilievre on a 25 bp rate hike by the Bank of Canada on 12 July 2023)