After slashing its lending rate to near zero early in the pandemic, the bank has raised its benchmark rate six times since March, as it scrambles to rein in inflation, which has run up to its highest level in decades.While the move will likely help bring down the cost of living in the long run by compelling Canadians to spend and borrow less, it will only increase the pain for consumers and businesses that are already feeling the pain of inflation and higher borrowing costs.The bank was widely expected to raise its rate, as the country's inflation rate is still more than twice as high as the range it likes to see."The Governing Council expects that the policy interest rate will need to rise further," the bank said."Future rate increases will be influenced by our assessments of how tighter monetary policy is working to slow demand, how supply challenges are resolving, and how inflation and inflation expectations are responding.""