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Food prices drive Canada's inflation rate higher than expected as the price of lettuce skyrockets – Financial Post

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The Canadian dollar gave back some of its earlier gains after the data, trading up 0.1 per cent at 1.3089 to the greenback, or 76.40 U.S. cents.

Headline inflation remains less than half of what it was before the coronavirus pandemic and well below the Bank of Canada’s 2 per cent target, economists noted. Still, two of the three core measures the central bank uses increased.

The common measure, which the Bank says is the best gauge of the economy’s underperformance, gained slightly to 1.6 per cent from 1.5 per cent in September. The CPI trim measure also increased to 1.8 per cent from 1.7 per cent, and the median remained at 1.9 per cent.

“The Bank of Canada has told us they’re not going to hike rates until inflation gets sustainably above their target, and we’re still below their target,” said Doug Porter, chief economists at BMO Capital Markets.

“But in the medium term, the resiliency of core does suggest that the bank may be forced to make a decision earlier than perhaps they thought.”

The Bank of Canada has said it expects interest rates to remain at current record lows into 2023.

© Thomson Reuters 2020

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Ontario to release updated COVID-19 projections after locking down Toronto, Peel – CityNews Toronto

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Ontario health officials are expected to release new COVID-19 projections on Thursday.

It will be the first time they have released such data since sending the province’s two biggest virus hot spots — Toronto and Peel Region — into lockdown earlier this week.

Two weeks ago, the province unveiled modelling that showed Ontario could see as many as 6,500 new daily cases of COVID-19 by mid-December unless steps are taken to limit the spread of the virus.

It said the province would reach 2,500 new daily cases by that time if the growth rate was at three per cent, or 6,500 if the growth rate was at five per cent.

At the time, Dr. Adalsteinn Brown, one of the experts behind the projections, said a five per cent growth rate was “slightly optimistic.”

Premier Doug Ford announced he would lower thresholds for imposing stricter COVID-19 measures under the province’s colour-coded restrictions system the following day.

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Ontario to release updated COVID-19 projections after locking down Toronto, Peel – CP24 Toronto's Breaking News

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The Canadian Press


Published Thursday, November 26, 2020 6:03AM EST


Last Updated Thursday, November 26, 2020 7:05AM EST

TORONTO – Ontario health officials are expected to release new COVID-19 projections today.

It will be the first time they have released such data since sending the province’s two biggest virus hot spots — Toronto and Peel Region — into lockdown earlier this week.

Two weeks ago, the province unveiled modelling that showed Ontario could see as many as 6,500 new daily cases of COVID-19 by mid-December unless steps are taken to limit the spread of the virus.

It said the province would reach 2,500 new daily cases by that time if the growth rate was at three per cent, or 6,500 if the growth rate was at five per cent.

At the time, Dr. Adalsteinn Brown, one of the experts behind the projections, said a five per cent growth rate was “slightly optimistic.”

Premier Doug Ford announced he would lower thresholds for imposing stricter COVID-19 measures under the province’s colour-coded restrictions system the following day.

This report by The Canadian Press was first published Nov. 26, 2020.

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Oil extends gains on surprise U.S. inventory draw amid vaccine rally – CNBC

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An aerial view of a crude oil storage facility is seen on May 5, 2020 in Cushing, Oklahoma.
JOHANNES EISELE | AFP via Getty Images

U.S. oil rose for a fifth day on Thursday as a surprise drop in crude inventories extended a rally driven by hopes that vaccines would end the coronavirus pandemic and revive fuel demand.

Brent was up by 20 cents, or 0.4%, at $48.81 a barrel, after rising around 1.6% in the previous session. West Texas Intermediate crude was up by 14 cents, or 0.3%, at $45.85, having gained 1.8% on Wednesday.

Both benchmarks have risen about 9% this week, getting a boost after AstraZeneca said on Monday its Covid-19 vaccine could be up to 90% effective, adding to the potential armory to end the worst pandemic in a century.

U.S. oil stockpiles fell 754,000 barrels last week, data showed, while analysts in a Reuters poll had predicted a 127,000-barrel rise. Stockpiles at the Cushing, Oklahoma delivery point for WTI, fell 1.7 million barrels.

But gasoline demand for the week fell by 128,000 barrels per day (bpd) to 8.13 million bpd, the lowest since June.

“With new U.S. virus cases still at very high levels, we think that it probably won’t be until next year – once vaccines can have a material impact – that demand recovers to more normal levels,” Capital Economics said in a note.

U.S. President-elect Joe Biden has urged people to forgo big family gatherings, wear protective masks and maintain social distancing for the Thanksgiving holiday in the face of the surging coronavirus pandemic. But Americans are defying pleas from officials to stay home.

The United States has recorded 2.3 million new infections in the past two weeks.

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