Canada's inflation rate dips, B.C.'s multimillion-dollar mining problem and CERB repayments: Must-read business and investing stories – The Globe and Mail

Getting caught up on a week that got away? Here’s your weekly digest of the Globe’s most essential business and investing stories, with insights and analysis from the pros, stock tips, portfolio strategies and more.

Canada’s inflation rate tumbles to 2.9 per cent, back inside BoC’s target range

Canada’s inflation rate fell to a surprising degree in January, returning to the Bank of Canada’s target range. The Consumer Price Index rose 2.9 per cent in January on an annual basis, down from 3.4 per cent in December, Statistics Canada said Tuesday. Analysts were expecting a slight easing to 3.3 per cent, Matt Lundy reports. After the January inflation report, investors ramped up their bets that the Bank of Canada will start to lower interest rates in the first half of the year, perhaps in April or June. The next interest rate announcement is March 6.

Statscan says cellphone bills are plunging. The truth is more complicated

In other news from Statistics Canada, cellphone bills are falling. Cellular-service prices plunged by 27 per cent in 2023, according to Statscan’s consumer price index. This trend has been playing out for a while, with wireless prices down 50 per cent over five years. But the truth of what’s happening to cellphone bills is more complex – and the Statscan numbers likely overstate the extent to which people are paying less, Matt Lundy and Alexandra Posadzki report.

Decoder: It looks like renters are ditching Ontario

Ontario is facing an exodus as people move to other parts of Canada. There is one group, however, that is leaving the province is in droves – young adults, particularly twentysomethings, a group overwhelmingly made up of renters. Last year, 14,100 more people in their 20s left Ontario for other provinces and territories than came to the province. The soaring cost of living and high rents may be to blame. Jason Kirby takes a closer look in this week’s Decoder.

B.C.’s multimillion-dollar mining problem

British Columbia is entering a new era of mining aimed at building a low-carbon economy. But, according to an investigation from The Globe and Mail and The Narwhal, the province is short millions to cover estimated cleanup costs. If disaster strikes, taxpayers could be stuck with an even bigger bill. Over several months, Francesca Fionda, Jeffrey Jones and Chen Wang have scoured publicly available records, reviewed financial data and interviewed experts about B.C.’s mine reclamation plan and found that, in practice, the province was short $753-million of the estimated cleanup cost in its last financial year.

Farm income hits record high despite extreme weather, report shows

Canada’s farming sector is expected to have reached record-breaking incomes in 2023 despite droughts, extreme weather and global conflict, according to a report from Agriculture and Agri-Food Canada. Ottawa estimates average farm family income rose 11 per cent in 2023 to $239,000. That trend could reverse this year, Irene Galea reports. The forecast for 2024 suggests the industry may see a reversal this year, with prices for major grains expected to continue falling and cattle prices anticipated to grow much more slowly.

Her social assistance worker told her to apply for CERB, now she’s repaying $14,000

An Ontario woman on social assistance for disability was told to apply for the Canada Emergency Response Benefit (CERB) by her social worker the spring of 2020 – even though she didn’t think she’d qualify – and now she’s required to pay back $14,000. Anti-poverty groups say the case points to flaws in the provincial regulations of social assistance programs, Erica Alini reports. Ontario requires welfare recipients to pursue any other financial resources that might be available – even when there is no certainty about whether they actually qualify for them. The poorly worded provincial rules have resulted in many low-income Canadians across the country mistakenly applying for federal pandemic relief, advocates say.

Now that you’re all caught up, test your knowledge with our weekly business and investing news quiz and prepare for the week ahead with the Globe’s investing calendar.

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