inflation: Latest News

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27.05.2023 / 19:13

Micro weddings grew during COVID. With inflation, are they here to stay?

ceremony in their backyard in -35 C weather.That’s how Kay and Curtis Ballance celebrated their “perfect” wedding day.The couple got married at their home in Grand Prairie, Alta., in February this year just seven weeks after giving birth to their first daughter.Kay Ballance said their preference was to have no guests at all and to just tie the knot at the courthouse, but in Alberta, you are required by law to have a marriage ceremony – which is what they ended up doing.“The size of our wedding, it actually turned out to be perfect,” said Curtis Ballance.“The very important people in our lives were there and yeah, just the smaller the better.

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Inflation rate dropped to 3.4% in May. What that means for the Bank of Canada

The annual rate of inflation dropped sharply last month, but some economists argue a slowdown might not be enough to deter the Bank of Canada from another rate hike in July.

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Why one Ontario animal rescue is being inundated with unwanted dogs

animal rescue agency is asking for help as adoption rates sit at an all-time low while more dogs are coming into their care.Precious Paws Rescue says that post-pandemic, and with the rising cost of living, they are seeing an increase in dogs being given up and a decrease in people looking to adopt a furry friend.The animal rescue agency is a charity that helps re-home dogs from shelters and owner surrenders and helps owners who can’t afford pet food or emergency surgeries.The rescue’s founder says 2023 has been the most challenging year for adoption applications in their 17 years of operation.“COVID brought a huge surge in people who wanted dogs because they were at home, and it was just more feasible for them. During COVID, we had all kinds of applications, and the dogs were placed in homes fairly quickly once they were ready for adoption,” Cassandra Hauck says.“This year, we’re finding even that healthy, happy, 12-week-old puppies are not getting applications very quickly.”She says they are seeing a lot of dogs purchased during the pandemic that were not properly trained are now being given up.Hauck says they’re seeing more dogs being surrendered, and need more people looking to adopt.She notes on average, they usually have between 10 to 20 dogs at a time in foster homes, but right now, they have 25.Some of their dogs have been with foster families for more than a year.“I think that people being back working outside of the home is making it more difficult to have time for pets in their home.

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Rate cuts could come by June 2024 — but government spending will play a role: CIBC

Reining in government spending could take some of the pressure off the Bank of Canada in tamping down inflation and help limit pain for debt-ridden Canadians, according to a new report from CIBC.

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Bank of Canada raises key interest rate to highest level in 22 years

The Bank of Canada ended its interest rate pause on Wednesday as it looks to stamp out inflation and cool the country’s red-hot economy.

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Lone tenant in a $400-a-month apartment could delay major condo project

As Carla White looks out the window of her yellow-and-pink, plant-filled apartment in the heart of downtown Montreal, she wonders where she’s going to live next.“I look out there and say, where am I going now?” she says, gesturing at the highrises that tower above the building where she lives.The apartment is small and cluttered, it doesn’t have a working stove and her bed and small desk take up most of the floor space. But it’s home and, at $400 a month, the price is right.White, who declined to give her age, says she was homeless after multiple previous evictions before she found a home she could afford a decade ago.

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Inflation ticks up to 4.4% in April, bucking slowing trend

The annual rate of inflation rose slightly in April as Canadians paid more at the gas pumps, bucking a streak that had seen price pressures easing year-over-year since the summer in Canada.

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Housing upturn could delay a shift by Bank of Canada to cut rates. What to know

Signs of recovery in Canada’s housing market after a year-long slump, just as higher borrowing costs are expected to slow much of the rest of the economy, could raise inflation and delay a shift by the central bank to interest rate cuts, analysts said.

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Grocery rebate rollout: Here’s who will get the one-time payment and when

grocery rebate as early as July 5, the federal government said Thursday.In a statement, the government said the grocery rebate will be delivered to eligible Canadians on that date, by direct deposit or cheque through the Canada Revenue Agency.The rebate will be up to $467 for eligible couples with two children, $234 for single Canadians without children, and $225 for seniors, on average.The announcement came as Bill C-46, the Cost of Living Act, which allows the rebate, received Royal Assent on Thursday. The legislation also includes a $2 billion Canada Health Transfer (CHT) top-up to reduce backlogs and wait times, the statement said.The grocery rebate was introduced in the 2023 federal budget as a way to compensate Canadians for higher grocery prices due to inflation, though the rebate can be spent on anything.“It is excellent news for Canadians that Bill C-46 received Royal Assent today, following unanimous approval by the House of Commons just a few weeks ago,” Finance Minister Chrystia Freeland said in a statement.The rebate will be issued automatically to about 11 million Canadians whose household income is $38,000 or less, and individuals who make $32,000 or less.There is no need to apply for the grocery rebate, which will be delivered along with the July GST Credit payment.

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Freeland accused of being ‘smug’, ‘clueless’ after Disney+ comment

Once upon a time, Chrystia Freeland attempted to relate to Canadians’ cost-of-living concerns with a personal anecdote – and it didn’t produce a fairy-tale ending.

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Inflation falls to lowest level in 18 months despite surging mortgage costs

inflation cooled to 4.3 per cent in March, Statistics Canada said Tuesday, even as Canadians homeowners faced ballooning payments on their mortgages.That marks the lowest level for annual inflation since August 2021 and a sharp slowdown from the 5.2 per cent seen in February.Canada’s annual inflation rate has been steadily declining since last summer, as global price pressures ease and high borrowing costs weigh on spending. Read more: Priced out of summer vacation? Here’s how to book ‘budget-conscious’ travel But the rapid rise in the Bank of Canada’s interest rate, designed to cool inflation, has also compounded the pain and driven costs higher for some Canadians.Specifically, mortgage interest costs rose 26.4 per cent in March — the largest yearly increase on record, Statistics Canada noted.Canadians are today renewing their mortgages at much higher rates than a year ago, when the Bank of Canada first started raising its policy rate from the rock-bottom 0.25 per cent.

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Priced out of summer vacation? Here’s how to book ‘budget-conscious’ travel

Inflation and fears about the direction of the economy are putting a chill in most Canadians’ summer travel plans, according to new polling.But experts tell Global News “budget-conscious” vacations are still in the cards for many looking to get away.Roughly six in 10 Canadians are scaling back their vacation plans due to inflation or the uncertain economic content, according to an Ipsos poll conducted exclusively for Global News. Read more: Need a cheap getaway? Here’s where to go if you’re looking to save on airfare The results of the survey released Sunday show that almost a quarter of Canadians feel there is no way a summer vacation would be affordable.“Just as inflation was the ‘Grinch that stole Christmas’, so too it’s rearing its ugly head again and it’s impacting the summer vacation plans for a lot of Canadians,” says Sean Simpson, senior vice-president of Ipsos Global Affairs.While overall inflation has eased from highs seen last summer, price pressures have been particularly sticky on the services side of the equation, affecting how much Canadians pay for hotels, dining out and other travel-related expenses.And after a year that saw rising interest rates push up costs Canadians are paying on their debt, roughly six in 10 respondents say they’re prioritizing other expenses over vacations this year.But for many Canadians, vacations are out of reach when they matter most.

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Bank of Canada keeps key interest rate on hold — again

Bank of Canada left its benchmark interest rate unchanged on Wednesday, in keeping with expectations from economists.The decision to keep its key policy rate at 4.5 per cent in its second consecutive meeting comes after a year of rapid rate hikes aimed at taming inflation. Read more: U.S.

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Bank of Canada expected to hold interest rate again as inflation cools

The Bank of Canada is expected to hold its key interest rate steady this week as inflation continues to slow, despite other data suggesting the economy is still running hot.

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Why is your grocery bill so high? Canadians blame price gouging, survey finds

food prices are higher, despite grocery store CEOs testifying otherwise.The report was done by Dalhousie University’s Agri-Food Lab in partnership with Caddle, and surveyed close to 10,000 Canadians at the end of March.It found that in all provinces except Saskatchewan and Quebec, grocery chain price gouging was chosen as the main reason food prices have risen in Canada recently. Nova Scotians chose that reason the most, at 51.8 per cent, followed by Newfoundland and Labrador at 38.1 per cent, and Prince Edward Island at 36.1 per cent.Other provinces trailed a little above 30 per cent in choosing that reason, with those in Saskatchewan and Quebec choosing it the least.

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Canada’s carbon pricing is going up again. What it means for your wallet

carbon price is set to go up starting Saturday.The fuel charge is rising by 30 per cent from $50 per tonne of emissions to $65 on April 1. This will translate to an increase of roughly three cents per litre for gas, reaching a total of 14 cents per litre.The scheduled increase will apply in Ontario, Manitoba, Saskatchewan, Alberta, Yukon and Nunavut.Meanwhile, the carbon price jump will go into effect in Newfoundland and Labrador, Nova Scotia, and Prince Edward Island on July 1.

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Will Budget 2023 make life more affordable for Canadians? Here’s what experts say

The 2023 federal budget saw the Liberals hike up their spending plans and devote plenty of attention to affordability concerns, but experts are unconvinced the proposals will make a dent on the finances of everyday Canadians, nor the country’s economic trajectory.

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What to expect from budget 2023 as ‘storm clouds’ gather over Canada’s economy

Canada’s Liberal government is in a tight spot heading into the 2023 federal budget.

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Grocery prices surged 10.6% in February even as inflation cooled overall: StatCan

The annual rate of inflation cooled to 5.2 per cent in February, Statistics Canada says, though Canadians continued to feel the pain of surging costs at grocery stores.

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‘Targeted’ inflation relief for vulnerable Canadians coming in 2023 budget: Freeland

Finance Minister Chrystia Freeland pledged on Monday that the Liberals would provide “additional, targeted inflation relief” to vulnerable Canadians in the 2023 federal budget.

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The 'Great Unretirement': Older people return to work

As fears of Covid-19 subside and worries around the rising cost-of-living take over, many older people are returning to the workforce, a movement known as the 'Great Unretirement'.

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Zellers comeback: When and where you can shop at the discount retailer again

Zellers has confirmed its comeback date at select locations starting in Ontario and Alberta.

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Grocery CEOs defend ‘reasonable profitability’ in grilling over soaring food costs

inflation and are doing everything they can to keep prices low for Canadians, pinning the blame on suppliers and the global market.But many MPs on the House of Commons agriculture committee were not buying what the CEOs were selling, repeatedly asking the executives to square rising profits with grocery costs that are forcing families to make hard choices at the checkout aisle.“How much profit is too much profit?” asked NDP Leader Jagmeet Singh, who has made food inflation and alleged “greedflation” by grocers a top issue for his party.“Is there no limit to how much profit you can make on the backs of Canadians that are struggling because they can’t afford their groceries?”“Reasonable profitability is an important part of operating a successful business,” said Loblaw Companies CEO Galen Weston Jr., who stated several times during his testimony that his company makes $1 in profit for every $25 sold.Singh, who’s not a regular member of the committee, advertised his showdown with Weston in a slate of social-media posts ahead of the meeting.Weston appeared alongside Metro Inc. CEO Eric La Fleche and Michael Medline, CEO of Empire Co., which operates chains including Sobeys, Safeway and FreshCo.All three companies and their executives have been increasingly under scrutiny for the prices of the food on their shelves.While headline inflation has shown signs of cooling in recent months, prices for food purchased from the grocery store were again up 11.4 per cent in January, according to Statistics Canada.An analysis from Dalhousie University’s Agri-Food Analytics Lab published in November found all three top grocers beat their five-year averages for profit in the first half of 2022, with Loblaw beating its previous best results

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Bank of Canada holds key interest rate, but what comes next? Here’s what they said

The Bank of Canada decided to hold its key interest rate steady Wednesday but made clear it’s still prepared to raise rates further depending on how inflation and the economy progress.

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Mom struggling to make ends meet left ‘teary-eyed’ after $100 mailed to her by stranger

While inflation takes its toll on many households, so does the inherent goodness of some people.

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Inflation seems to be cooling — except at the grocery store. What’s going on?

inflation picture is improving for many line items on Canadians’ household budgets — with at least one notable exception.Fresh data from Statistics Canada released Tuesday shows the price of food continues to soar, even as the headline inflation figure ticked down at the start of 2023. Read more: Inflation keeps cooling.

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Canada’s inflation rate slows to 5.9% in January even as gas, food prices rose

Statistics Canada said Tuesday.Gas prices were the biggest month-to-month Consumer Price Index report, the agency said, up 4.7 per cent from December.Food prices rose at a slightly higher rate than in December, up 10.4 per cent in January compared with 10.1 per cent the month before.Prices at the grocery store were higher for for meat (up 7.3 per cent), bakery products (up 15.5 per cent), dairy (up 12.4 per cent) and fresh vegetables (up 14.7 per cent).Statistics Canada said the cost fresh or frozen chicken rose 9.0 per cent annually, owed largely to avian flu outbreaks, supply chain kinks and strong seasonal demand.Canada’s annual inflation rate has been slowing since the summer, reaching 6.3 per cent in December.

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Inflation is causing some to think twice about having kids: ‘It doesn’t make sense’

cost of living in Canada.After giving birth to her first child in August of last year, 24-year-old Autumn Oliver-Giasson has decided to hold off on having more children until the high cost of living in Canada eases.“It’s just not plausible. It doesn’t make sense,” she told Global News from McQuade, N.B.

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Canadians think tipping is ‘getting out of control,’ new poll suggest

new polling from the Angus Reid Institute appears to show.“People feel like tipping is getting out of control,” Angus Reid Institute Research Director David Korinski told The Roy Green Show on Sunday.“I think that it’s compounded by the fact that everything is more expensive.” Read more: 1 in 4 Canadians can’t afford $500 unforeseen expense as inflation bites: report Read next: Part of the Sun breaks free and forms a strange vortex, baffling scientists While 62 per cent of respondents say they’re being asked to tip more, one-in-five also reported leaving a tip of 20 per cent or more the last time they dined out, suggests the polling, which was released Feb. 16.“When you get the tipping machine, instead of 12, 15, and 18 per cent for the suggested tip, it now says 18, 24, and 30 per cent.

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Starbucks, Tim’s loyalty program changes leave some ‘not happy.’ What to know

Starbucks and Tim Hortons customers in Canada – and some are not happy about it.Starting on Monday, Starbucks said it will be updating its rewards program, increasing the number of points needed to redeem free items.Rewards members in the U.S. and Canada were first notified about the changes by the American coffee chain in December 2022.

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Canada’s inflation rate slowed to 6.9% in September, but grocery prices soared

inflation cooled to 6.9 per cent, according to Statistics Canada.Prices on food purchased from the grocery store continued to soar, rising 11.4 per cent to a new 41-year high.Last month, shoppers paid more for meat (7.6 per cent), dairy (9.7 per cent), bakery goods (14.8 per cent) and fresh vegetables (11.8 per cent), according to StatsCan.The agency says food prices have outstretched the overall inflation rate for 10 consecutive months. It pointed to unfavourable weather, higher prices on inputs such as fertilizer and natural gas, and continued disruption from Russia’s invasion of Ukraine as driving up prices.StatsCan said the drop in September’s headline inflation figure was largely thanks to lower gas prices.

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Thousands march in Paris against rising cost of living, climate inaction

Thousands of protesters, including France’s newly crowned Nobel literature laureate, piled into the streets of Paris on Sunday, in a show of anger against the bite of rising prices and cranking up pressure on the government of President Emmanuel Macron.

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Milk mystery: As prices soar, dairy farmers plead poverty

In a remote pocket of the Laurentian mountains of Quebec, a Greek Orthodox nun answers the door in the rain.

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Trudeau to announce GST rebate hike in new affordability plan: sources

The federal government intends to temporarily hike GST rebate cheques in a bid to ease some of the hurt of inflation for lower income Canadians.

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Bank of Canada expected to announce another key interest rate hike

The Bank of Canada is expected to announce it will be raising its key interest rate Wednesday, making it the fifth consecutive increase this year.

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‘Tip inflation’: Why Canadians are tipping more than ever

From takeout coffee, to hairstyling and fine dining – you may have noticed a phenomenon known as ‘tip creep’ or ‘tip inflation’ when you go to pay for a service.

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Inflation pushes budget shoppers away from Walmart. Luring them back not easy, say experts

Walmart Inc WMT.N could face an uphill battle to reclaim U.S. shoppers who opted for the neighborhood dollar store or Aldi rather than driving farther to a Walmart Supercenter when gasoline was $5 a gallon.

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Here’s how high interest rates are impacting Canada’s condo demand

Rising interest rates and other headwinds in the construction industry have pushed builders in some Canadian markets to shelve condominium projects, while others say condo demand will hold up as supply remains tight.

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Inflation in Canada soared 40 years ago. Is today’s price surge any different?

Inflation in Canada continues to surge despite the Bank of Canada’s efforts to tamp down on price growth, with some economists and the central bank’s own governor expecting an even higher reading in the June report due Wednesday.

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Canadian animal shelters facing ‘perfect storm’ as more pets are being surrendered

Since the start of the year, more and more pets have been finding their way into the care of the Regina Humane Society.

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Inflation hit 7.7% in May, fuelled by soaring gas, food prices: Statistics Canada

The annual inflation rate skyrocketed to its highest level in nearly 40 years in May, fueled by soaring gas prices, Statistics Canada said Wednesday.

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Gas prices are at record highs. How the cost of fuel for 5 cars has changed

Unless you’re driving an electric car, you’re paying more than you’ve ever had to before for gasoline in Canada.

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Bank of Canada hikes key interest rate 50 basis points for 2nd time in a row

The Bank of Canada raised its benchmark interest rate to 1.5 per cent on Wednesday, marking a second straight increase of half a percentage point.

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Budget 2022: 4 things that will affect your pocketbook

The federal government’s 280-page 2022 budget document outlined a couple of measures to help with the cost of living for Canadians.

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What the Bank of Canada’s renewed mandate means for inflation, housing

The wording of the Bank of Canada’s new mandate has changed but the substance of it remains essentially the same, several economists say.

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From furniture to toilet paper, Canadians warned of shortages, price hikes amid trade logjams

COVID-19 pandemic are far from over. And supply chain disruptions may soon hit Canadian consumers if they haven’t already.The world celebrated on Monday as tugboats dislodged a 400-metre-long container ship that had obstructed the canal for almost a week.

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United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
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