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What you need to know about inflation – CTV News

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In December before the Surrey Board of Trade, Deputy Bank of Canada Governor Toni Gravelle spoke of how our economy has come a long way since the pandemic struck and essentially shut the economy down. We are “well down the road to a full recovery,” he said. “But we are still feeling the impacts of the pandemic.”

Gravelle outlined the bank’s top two concerns were supply shortages and the elevated rate of inflation.

Whether it be food, gas, or housing prices, inflation is becoming a global concern during the pandemic. In a recent Nanos survey, inflation and cost of living were listed as the top source of anxiety. In fact, the poll found that Canadians are nearly nine times (87%) more likely to say they’re worried more about higher prices for everyday goods rather than higher interest rates (10%). 

Ahead of the Consumer Price Index (CPI) numbers due to be released on Jan. 19, CTVNews.ca spoke with experts and included a few graphs below to explain why inflation is on top of everyone’s mind, how the pandemic has impacted it, and how Canada compares on that front with G7 nations.

What is inflation and why does it matter?

The consumer price index, better known as CPI, is the most common system to gauge inflation. It measures the cost of living by looking at the prices of goods and services that people typically buy such as food, housing, transportation, furniture, clothing, recreation, and other items.

Like most central banks, the Bank of Canada monitors “core inflation” that focuses on the underlying trend of inflation, looking through the short-term fluctuations or temporary shifts in the total CPI.

The current inflation is 4.7 per cent, significantly higher than the top of the Bank’s inflation-control range. The Bank of Canada aims to keep inflation at the 2 per cent mid-point of an inflation-control target range of 1 to 3 per cent. Low and stable inflation contributes to sustainable economic growth. The balance between the demand and the economy’s production capacity determines inflation.

The Bank becomes concerned if the inflation rises above or falls below the 2 per cent target. A high inflation reduces the purchasing power of a household or an individual and can significantly impact household budgets. High prices can change our shopping habits, investments, travel, transport, and even medical expenses.

Negative rates often create a period of deflation, which means a decline in the prices of goods and services, giving more purchasing power to consumers. While falling prices sound like a good thing, a persistent decline in prices can negatively impact an economy. The effect is negative for debtors who have failing businesses or have declining income since the real value of debt payments for them can increase. In the same way, if prices and income fall, tax revenues can fall and impact government spending. One major example of sustained deflation in Canada was in the Great Depression of the 1930s.

How is inflation monitored?

The Bank of Canada conducts monetary policies to ensure the inflation target is maintained. It usually takes about six to eight quarters to see the impact of the tools used to combat inflation and that’s one reason that monetary policies are always forward-looking.

The Bank relies on different tools to control the money supply in the market such as large asset purchases (quantitative easing and credit easing), funding for credit measures, and negative policy rates.

To stimulate the economy and encourage borrowing, spending, and investment, the central bank can resort to an unconventional tool known as the negative policy rate where it sets its target nominal interest rate to less than zero per cent. In the light of the 2008 subprime mortgage crises, several nations such as Japan and Europe had resorted to zero policy rates.

However, pushing rates to below zero impacts short-term interest rates and can eventually affect mortgages, lines of credit, and other, longer-term interest rates that matter to average Canadians. The Bank of Canada uses other tools such as quantitative easing to support low policy rates. Quantitative easing is when central banks pay for bond purchases with settlement balances (not bank notes). The Bank buys bonds that have already been sold by the government to banks and other financial institutions. In credit easing, the Bank can also buy corporate bonds from financial institutions, which can support the economy, making it cheaper for companies to invest and create more jobs.

All these policies indirectly affect the total demand for Canadian goods and services.

Impact of the pandemic on inflation

With the new variants, the pandemic has taken an unprecedented turn. When compared to other advanced economies, Canada’s inflation is on the lower end. The U.S. has recorded an inflation rate of 7 per cent, the highest since 1982. Leading contributors to the U.S. inflation were housing, cars, and trucks. According to a survey of 900 global CEOs, rising inflation, labor shortages, supply chain disruptions, and changing consumer behaviors were top worries.

Due to factors such as rising demand for oil and gas, the shortage of many goods, supply shortages, the cost of living in the U.K. rose by 5.1 per cent, the highest in 10 years. A recent survey by the British Chambers of Commerce said that 58 per cent of firms expected their prices to increase in the next three months, the highest on record. Of those surveyed, 66 per cent of businesses cited inflation as a concern.

Energy prices and supply rate disruptions have pushed inflation in Europe’s second-largest economy, France as well.

One of the biggest impacts of the pandemic has been on the supply chain, which is pushing inflation globally and in Canada as well, driving up everything from cars and furniture to food and shelter.

“Supply chain networks have been disrupted globally,” Sal Guatieri, senior economist and director at BMO Capital Markets told CTVNews.ca on Monday.

He said factories are getting closed either due to a shortage of staff because people are sick or under quarantine. This indirectly impacts the steady supply of raw materials that are used in the manufacturing process globally.

Guatieri said at the same time the cost of freight across oceans has increased due to the shortage of truck drivers. So all these costs are getting passed on to the consumers. But aside from the supply chain disruptions, inflation is also impacted by several other factors such as food prices, gasoline prices, house prices, homeowner replacement costs, energy prices, and motor vehicles costs. In 2021, global food prices rose ‘sharply’, according to a recent report by United Nations (UN). The agency’s Food Price Index, which tracks monthly changes in international prices showed a 28% increase over 2020. The reason for this jump was the high cost of inputs, ongoing pandemic, and volatile climatic conditions.

Guatieri said a source of upward pressure on inflation has been a rebound in some of the hard-hit service areas such as travel and car prices. Hotel costs and airfares have climbed in the past year and could be a source of upward pressure on inflation. Car prices have been impacted by chip shortages, resulting in the highest costs and shortage of new vehicles. Gualtieri said homeowner displacements costs could be a big source in driving up inflation. With house prices accelerating, more people could be pushed into the rental market because they can’t afford a home, he added. 

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Kamloops ranch that refused vaccinated guest but kept their deposit now says they'll issue $3.2K refund – CBC.ca

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A ranch owner in Kamloops, B.C., has been criticized by the province’s solicitor general for refusing to accept a vaccinated international traveller.

The Equinisity Ranch in Kamloops, in the province’s central Interior, is run by owner Liz Mitten Ryan. She told CBC News she catered almost exclusively to international travellers, including from England, Switzerland and Australia.

In a report in The Guardian, published Thursday, a prospective traveller called J.W. York said they had booked a $3,200 retreat (£2,000) with Ryan in May 2020, but the trip was put off due to lockdowns and other pandemic restrictions.

According to York, they were told recently they were not welcome at Equinisity anymore because they were fully vaccinated against COVID — and they would not be receiving a refund due to ranch policy.

Ryan confirmed that the ranch had a “no vax” policy for patrons, even though international travellers have to be fully vaccinated to enter Canada. The Guardian article quoted her as saying that vaccines were a “bioweapon depopulation tool” that could transfer to animals.

The entire episode was called “outrageous” by B.C. Solicitor General Mike Farnworth.

“I have asked my ministry, the consumer protection branch, to look into this,” he told CBC News.

“This is just wrong. Like, you want to subscribe to a wack job conspiracy theory. That’s your business. But you don’t rip people off like this. It’s unethical.”

Refunds will happen, says owner’s husband

In a statement, Kevin Ryan — Liz Ryan’s husband — said the ranch would eventually send refunds to customers.

“For personal reasons for this summer, [Liz] has implemented a policy of non-vaccinated guests only,” the statement read. “Not, I stress, realizing any regulations were being broken.

“Due to the current public interest in this situation, and the subsequent informed discussions, she now realizes that it is appropriate the deposit, in this case, needs to be returned to comply with said regulation.”

Ryan told CBC News all deposits “of a similar status” would be returned by the end of the month.

On its website, Equinisity says it provides “a unique journey” for patrons to find “true healing” through meditation, horse riding and other activities. Ryan says his wife had been running the establishment for over 15 years.

Their pricing guide shows that individual patrons can expect to pay $2,800 for an eight-day retreat, while couples can expect to pay $2,400 each.

Before her husband’s statement about refunds, Liz Ryan had suggested that any vaccinated traveller sell their booking. She also said her ranch had been shut down for two years, the longest such span of her career, due to border restrictions.

B.C. Solicitor General Mike Farnworth, pictured here in February 2020, says his staff would be investigating if the ranch had received any COVID relief funding. (Mike McArthur/CBC)

Farnworth told CBC News that Equinisity’s stance against vaccinated travellers would give international travellers a bad impression of the province.

“It sends a terrible message in terms of tourism here in British Columbia and Canada,” he said. “Because, let’s face it, this person that took this trip is now going to tell their friend … ‘Why would you want to come here?'”

Farnworth said his staff would be investigating if the ranch had received any COVID relief funding, and that the ranch would not be eligible in any case, given the requirements placed on vaccinated travellers.

“I don’t think it’s particularly good business practice,” he said.

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How Canada’s new NOC will affect Express Entry eligibility – Canada Immigration News

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Published on May 28th, 2022 at 08:00am EDT

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Details of how the updated National Occupation Classification (NOC) system will affect Express Entry eligibility have been released.

NOC 2021 will come into effect in November 2022. A total of 16 occupations will become eligible for Express Entry, and three will become ineligible, according to an internal briefing memo.

Immigration, Refugees and Citizenship Canada (IRCC) currently uses NOC 2016 to determine the eligibility of occupations under its temporary and permanent residency programs. However, IRCC must switch to NOC 2021 starting in November as per Canadian law.

Discover if You Are Eligible for Canadian Immigration

The NOC is managed by Employment and Social Development Canada (ESDC) and Statistics Canada, which revise the system every 10 years. NOC 2021 will introduce new terminology and a revised classification structure that will affect IRCC programs.

As a result of these changes, the following 16 occupations will become eligible under Express Entry:

  • Payroll administrators;
  • Dental assistants and dental laboratory assistants;
  • Nurse aides, orderlies and patient service associates;
  • Pharmacy technical assistants and pharmacy assistants;
  • Elementary and secondary school teacher assistants;
  • Sheriffs and bailiffs;
  • Correctional service officers;
  • By-law enforcement and other regulatory officers;
  • Estheticians, electrologists and related occupations;
  • Residential and commercial installers and servicers;
  • Pest controllers and fumigators;
  • Other repairers and servicers;
  • Transport truck drivers;
  • Bus drivers, subway operators and other transit operators;
  • Heavy equipment operators; and
  • Aircraft assemblers and aircraft assembly inspectors.

There will also be three occupations that will become ineligible, including:

  • other performers;
  • program leaders and instructors in recreation, sport and fitness; and
  • tailors, dressmakers, furriers and milliners.

These three occupations will remain eligible for programs with broader occupational eligibility criteria, such as some streams of the Provincial Nominee Program.

The major change to NOC 2021 is the current four-category “skill level” structure has been overhauled and replaced by a new six-category system. The new system outlines the level of Training, Education, Experience and Responsibilities (TEER) required to enter each occupation.

The previous NOC had four skill levels. NOC A represented jobs that tend to require university degrees, NOC B included jobs in the skilled trades or that require a college diploma, NOC C covered jobs that require intermediate skills or job-specific training, and NOC D was for labour jobs that require on-the-job training.

In September 2020, IRCC’s Executive Committee decided that the new TEER structure will be adopted as follows:

NOC 2016 NOC 2021
Skill Type 0 TEER 0
Skill Level A TEER 1
Skill Level B TEER 2
Skill Level B TEER 3
Skill Level C TEER 4
Skill Level D TEER 5

NOC 2021 will use a five-tier hierarchical system to classify occupations. Also, occupations will now have a five-digit codification system instead of the current four-digit system. The TEER system has six categories, 0, 1, 2, 3, 4, and 5.

TEER 0
  • Management occupations.
TEER 1
  • Completion of a university degree (bachelor’s, master’s or doctorate); or
  • Several years of experience in a specific occupation from TEER category 2 (when applicable).
TEER 2
  • Completion of a post-secondary education program of two to three years at community college, institute of technology or CÉGEP; or
  • Completion of an apprenticeship training program of two to five years; or
  • Occupations with supervisory or significant safety (police officers and firefighters) responsibilities; or
  • Several years of experience in a specific occupation from TEER category 3 (when applicable).
TEER 3
  • Completion of a post-secondary education program of less than two years at community college, institute of technology or CÉGEP; or
  • Apprenticeship training of less than 2 years; or
  • More than six months of on-the-job training, training courses or specific work experience with some secondary school education; or
  • Several years of experience in a specific occupation from TEER category 4 (when applicable).
TEER 4
  • Completion of secondary school; or
  • Several weeks of on-the-job training with some secondary school education; or
  • Several years of experience in a specific occupation from TEER category 5 (when applicable).
TEER 5
  • Short work demonstration and no formal educational requirements.

Statistics Canada explains there are two main reasons why the skill type model is being replaced by the TEER system. First, the TEER system aims to provide more clarity on the level of education and work experience required to work in an occupation. Second, the skill type model creates artificial categorizations between low- and high-skilled jobs. Implementing TEER is intended to give stakeholders a better sense of the skills required for each occupation.

This Statistics Canada tool allows you to see how your current NOC corresponds with NOC 2021.

Discover if You Are Eligible for Canadian Immigration

© CIC News All Rights Reserved. Visit CanadaVisa.com to discover your Canadian immigration options.

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More Canadians could face late-stage cancer tied to diagnosis delays during COVID pandemic – CBC News

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It all started with a stomach bug.

That’s what Cheryl-Anne Labrador-Summers thought, anyway. It was October 2020, not long after she’d moved to the tranquil lakeside Ontario community of Georgina, and instead of relaxing with her family like she’d planned, the mother of three was struggling to figure out why she kept experiencing strange, unexplained stomach cramps.

Labrador-Summers tried to visit her family physician, but the office was shuttered because of the COVID-19 pandemic. So she searched for another clinic — only to be offered a phone appointment rather than an in-person assessment. She wound up being told that her grumbling digestive system was likely caused by a mild gastrointestinal illness.

By January, the 58-year-old had a distended stomach, looking — in her own words — “about nine months pregnant.” Again, she reached out to a physician, went for some tests, then headed to the nearest emergency department.

After finally seeing a doctor face to face for the first time in months, she learned the real cause of her discomfort: an intestinal blockage caused by cancer.

“It ended up being a nine-centimetre tumour, and it had completely blocked off my lower bowel,” she said.

An emergency surgery left Labrador-Summers with 55 staples along her torso and a months-long recovery before she could begin oral chemotherapy. Her question now is unanswerable but painful to consider: Could that ordeal have been prevented, or at least minimized, by an earlier diagnosis?

“Had I maybe been able to see the doctors earlier, I would not be in Stage 3,” she said. “I might have been a Stage 2.”

Photos show Labrador-Summers with a distended stomach before her emergency surgery, left, and the 55 staples along her torso following the procedure. (Supplied by Cheryl-Anne Labrador-Summers)

951,000 fewer cancer screenings in Ontario

More Canadians could experience late-stage cancer diagnoses in the years ahead, medical experts warn, forecasting a looming crisis tied to the ongoing COVID-19 pandemic. 

“We expect to see more advanced stages of presentation over the next couple of years, as well as impacts on cancer treatments,” said oncologist Dr. Timothy Hanna, a clinician scientist at the Cancer Research Institute at Queen’s University in Kingston, Ont.

“We know that time is of the essence for people with cancer. And when people are waiting for a diagnosis or for treatment, this has been associated with increased risks of advanced stage and worse survival.”

One review of Ontario’s breast, lung, colon, and cervical cancer screening programs showed that in 2020 there were 41 per cent — or more than 951,000 — fewer screening tests conducted compared with the year before.

Screening volumes rebounded after May 2020, but were still 20 per cent lower compared to pre-pandemic levels.

WATCH | Late-stage cancer being diagnosed in Canadian ERs:

ERs faced with late-stage cancer diagnoses amid pandemic

4 days ago

Duration 2:11

Hospital emergency rooms are seeing a wave of patients being diagnosed with late-stage cancer after the COVID-19 pandemic forced many doctors’ offices to close or pivot to virtual appointments, leading to fewer cancer screenings.

That drop in screenings translates into fewer invasive cancer diagnoses, including roughly 1,400 to 1,500 fewer breast cancers, wrote Dr. Anna N. Wilkinson, an assistant professor in the department of family medicine at the University of Ottawa, in a May commentary piece for the journal Canadian Family Physician.

“The impact of COVID-19 on cancer is far-reaching: screening backlogs, delayed workup of symptomatic patients and abnormal screening results, and delays in cancer treatment and research, all exacerbated by patient apprehension to be seen in person,” she wrote.

“It is clear that there is not only a lost cohort of screened patients but also a subset of missed cancer diagnoses due to delays in patient presentation and assessment,” leading to those cancers being diagnosed at a more advanced stage. 

Tough accessing care in a ‘timely way’

The slowdown in colonoscopies may already be leading to more serious cases of colorectal cancer in Ontario, for instance, suggests a paper published in the Journal of the Canadian Association of Gastroenterology.

“Patients who were treated after the COVID-19 pandemic began were significantly more likely to present emergently to hospital. This means that they were more likely to present with bowel perforation, or severe bowel obstruction, requiring immediate life-saving surgery,” said the study’s lead author, Dr. Catherine Forse, in a call with CBC News.

“In addition, we found that patients were more likely to have large tumours.”

Dr. Lisa Salamon, an emergency room physician with the Scarborough Health Network, is pictured outside Birchmount Hospital, in Scarborough, Ont. (Evan Mitsui/CBC)

In some cases — like Labrador-Summers’s situation — Canadians learned alarming news about their health in hospital emergency departments after struggling to receive in-patient care through other avenues.

Shuttered family physician offices, a shift to telemedicine, and some patients’ fears surrounding COVID-19 may all have played a role.

“It became harder for patients to access care and to access it in a timely way,” Hanna said.

“At the same time, there were real risks — and there are real risks for leaving home to go anywhere, particularly to go to an outpatient clinic or a hospital in order to get checked out.”

Dr. Lisa Salamon, an emergency physician with the Scarborough Health Network in Toronto, said she’s now diagnosing more patients with serious cancers, including several just in the last few months.

“So previously, it may have been localized or something small, but now we’re actually seeing metastatic cancer that we’re diagnosing,” she explained.

Lessons for future pandemics

Health policy expert Laura Greer is dealing with Stage four, metastatic breast cancer herself after waiting more than five months for a routine mammogram she was initially due for in the spring of 2021 — a precautionary measure given that her mother had breast cancer as well.

Unlike an early-stage diagnosis, Greer’s cancer is only treatable, not curable.

“It was an example of what happens when you don’t have the regular screening, or those wellness visits,” said the Toronto resident and mother of two. 

“I most likely would have had earlier-stage cancer if it had been sooner.”

Health policy expert Laura Greer is dealing with Stage 4, metastatic breast cancer after waiting more than five months for a routine mammogram she was due for in the spring of 2021. (Esteban Cuevas/CBC News)

Pausing access to care and screenings for other health conditions can have dire impacts on patients, according to Greer, offering lessons for how policy-makers tackle future pandemics.

“We need to make sure that we’ve got enough capacity in our health system to be able to flex, and that’s what we really didn’t have going into this,” she said.

For Labrador-Summers, it’s hard to forget the moment her life changed while she was alone in an emergency department, learning a terrifying diagnosis from a physician she’d just met. Her mind raced with questions about the future and concerns for her family.

Labrador-Summers’s husband and one of her sons kiss her on the dock near their lakeside home in Georgina, Ont. (Ousama Farag/CBC News)

“My older son had just told us they were expecting a child, and I just wanted to be there for them. And I didn’t know what next steps were. And we had lost my mom to cancer a few years back — to us, cancer was always terminal,” she recalled.

“So again, I’m alone, trying to process all of this.”

A screening following Labrador-Summers’ surgery and chemotherapy treatment wound up finding more cancer. 

“It’s now life-threatening,” she said.

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