Canada’s inflation rate cooled to 6.8 per cent last month as prices for gasoline and furniture went down, but the cost of food and rent went up.
Statistics Canada reported Wednesday that gasoline prices across the country fell by 3.6 per cent during the month. They’re still up by 13.7 per cent compared to where they were a year ago, but that’s down from the 17.8 per cent annual increase clocked the month before.
The price of a fill-up may be inching down from record highs, but the cost to fill up a belly continues to increase at an astonishing pace.
Grocery bills increased at an 11.4 per cent annual pace last month, up from the 11 per cent increase seen in October.
A variety of food items have seen above-average increases in the past 12 months, including:
Edible fats and oils, up 26 per cent.
Coffee and tea, up 16.8 per cent.
Eggs, up 16.7 per cent.
Cereal products, up 15.7 per cent.
Bakery products, up 15.5 per cent.
Prices like that are causing many Canadians to take more and more extreme measures to put food on the table. Dianne Debarros of Sarnia, Ont., has managed to slash her grocery bill this year but she warns that her methods are not for everyone.
Sarnia resident Dianne Debarros uses extreme measures to slash her family’s grocery bill. (Joe Da Ponte/CBC)
“It does take some time, I’m not going to lie, but it doesn’t take as much time as you would think,” she says of her system, which sees her use multiple apps to comparison shop and find deals, stock up on sale items when available and maximize reward points as much as possible.
“You’ll get as much as you put into it out [but] the price of food is ridiculous and I don’t see it getting any better,” she says. “If you are just shopping your regular shopping habits, you’re going to see an increase on your bill drastically and I think Canadians have already seen that.”
Christmas dinner is often a very expensive outlay, but this year, by her calculations she’ll have spent just $26.78 out of pocket to feed the entire family. The main change was substituting chicken for turkey, but besides that she’ll have all the fixings one might expect, from cranberry sauce to potatoes, vegetables, a salad, stuffing, dessert and even a cheese board.
“In years past for Christmas dinner, a lot of the times I’ve been making two or three different kinds of dishes but this year we really decided on a menu and stuck to it,” she says. “We don’t need three different kinds of potatoes. We don’t need three different types of vegetables.”
Rent going up at fastest pace in 30 years
The cost to keep a roof over one’s head is also increasing at a rapid clip, with overall shelter costs up 7.2 per cent in the past year.
Within the shelter category, mortgage interest costs have risen by 14.5 per cent in the past year, while rent has increased by 5.9 per cent. That’s the fastest pace of increase in rents we’ve seen since the early 1990s, Bank of Montreal economist Doug Porter noted.
Beyond the grocery aisle, Porter says prices for items such as furniture and vehicles are still increasing, but at a much slower pace than before, which is why he says it’s becoming clear that the route for inflation to come back down to a more normal level will be an “achingly slow process.”
“While lower pump prices will help chop next month’s rate, the fact that many measures of core inflation are still nudging higher is a clear warning sign of persistent underlying pressures,” he said.
TORONTO – Canada Goose Holdings Inc. says it has signed a deal that will result in the creation of its first eyewear collection.
The deal announced on Thursday by the Toronto-based luxury apparel company comes in the form of an exclusive, long-term global licensing agreement with Marchon Eyewear Inc.
The terms and value of the agreement were not disclosed, but Marchon produces eyewear for brands including Lacoste, Nike, Calvin Klein, Ferragamo, Longchamp and Zeiss.
Marchon plans to roll out both sunglasses and optical wear under the Canada Goose name next spring, starting in North America.
Canada Goose says the eyewear will be sold through optical retailers, department stores, Canada Goose shops and its website.
Canada Goose CEO Dani Reiss told The Canadian Press in August that he envisioned his company eventually expanding into eyewear and luggage.
This report by The Canadian Press was first published Sept. 19, 2024.
Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.
Here’s a timeline of key events in the bread price-fixing case.
Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.
Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.
Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.
Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).
Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.
June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.
Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”
Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.
July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.
Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)
TORONTO – TD Bank Group, which is mired in a money laundering scandal in the U.S., says chief executive Bharat Masrani will retire next year.
Masrani, who will retire officially on April 10, 2025, says the bank’s, “anti-money laundering challenges,” took place on his watch and he takes full responsibility.
The bank named Raymond Chun, TD’s group head, Canadian personal banking, as his successor.
As part of a transition plan, Chun will become chief operating officer on Nov. 1 before taking over the top job when Masrani steps down at the bank’s annual meeting next year.
TD also announced that Riaz Ahmed, group head, wholesale banking and president and CEO of TD Securities, will retire at the end of January 2025.
TD has taken billions in charges related to ongoing U.S. investigations into the failure of its anti-money laundering program.
This report by The Canadian Press was first published Sept. 19, 2024.
