Canada’s annual Inflation rate jumped to 4 percent in August from 3.3 percent in July, largely due to a 0.8-percent rise in the price of petroleum fuels, Statistics Canada reported. The rate was the highest since April.
Canada’s economy contracted by 0.2 percent in this year’s second quarter, Statistics Canada reported.
During April, May, and June this year, personal bankruptcies increased 23.5 percent and business bankruptcies were up 36.9 percent, year on year, Canada’s Office of the Superintendent of Bankruptcy reported, blaming sharply higher interest rates for the failures.
Canada’s GDP grew a scant 1 percent in this year’s second quarter, Statistics Canada reported, slower than the 3.1 percent posted in the first quarter and below the Bank of Canada’s 1.5-percent forecast.
Five companies—Costco, Empire, Loblaws, Metro, and Walmart—account for 75 percent of Canada’s grocery sales.
Once again, the Bank of Canada (BoC) raised its key interest rate by a quarter point, moving it from 4.75 to 5.0 percent in the wake of second-quarter consumer spending that was stronger than predicted.
After a five-month pause in rate increases, the Bank of Canada (BoC) lifted its key rate on 7 June from 4.50 percent to 4.75 percent, its highest since 2001.
Thanks to the combination of inflation and sharply higher interest rates, 22 percent of Canadians—and 28 percent of women—are “completely out of money,” an Ipsos poll commissioned by Canada’s Global News has found.
On 25 January, the Bank of Canada (BoC) added a quarter-point to its key interest rate, lifting it to 4.50 percent, its highest in more than 15 years.
In 2022’s fourth quarter, the proportion of Canada’s office space sitting empty reached a record 17.1 percent, according to real estate services firm CBRE, even though the country’s economy has fully reopened from its COVID-era lockdowns.