Public debt charges jumped 42 percent last year due to continued federal overspending and higher interest rates, records show. Costs of carrying the federal debt will rise an additional 26 percent this year.

“Public debt charges were up $10.5 billion or 43 percent largely reflecting higher interest rates on the stock of interest-bearing debt,” said Public Accounts tabled in Parliament. The federal debt is currently $1.2 trillion.

Debt costs were $24.5 billion in 2021. They jumped to $34.9 billion last year, a 42 percent increase, said Public Accounts. The Department of Finance has acknowledged debt costs will rise further this year to at least $43.9 billion.