• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Canada inflation hits 18-year-high with election just days away

September 16, 2021 by David Barret Leave a Comment

September 15, 2021

By Julie Gordon

OTTAWA (Reuters) -Canada’s annual inflation rate accelerated to an 18-year-high in August, driven by broad upward price pressures, data showed on Wednesday, just days before a hotly contested federal election that could see Prime Minister Justin Trudeau’s Liberals ousted.

The rate rose to 4.1% in August, its fastest clip since March 2003, Statistics Canada said, beating analyst estimates and prompting Trudeau’s main rival to pounce over the rising cost of living.

“The numbers released today make it clear that under Justin Trudeau, Canadians are experiencing an affordability crisis,” said Erin O’Toole, leader of the main opposition Conservatives, in a statement.

The Conservatives have a narrow lead https://reut.rs/2Xl5D30 over Trudeau’s Liberals at 31.2% to 30.5% just days before the Sept. 20 vote, according to a new Nanos Research poll. The left-leaning New Democrats are in third at 21.4%.

Countries around the world are grappling with hot inflation amid supply chain hurdles and labor shortages as restrictions are eased and tightened with each new wave of the virus, leading to choppy demand and supply bottlenecks.

The Bank of Canada has said it expects headline inflation to remain above its 1%-3% control range this year, before easing back to the 2% target in 2022.

“This doesn’t mean anything short-term for the Bank of Canada. They’ve been very insistent that the inflation shock is transitory,” said Andrew Kelvin, chief Canada strategist at TD Securities.

In Canada, the hot inflation print was driven by high gasoline prices, rising housing costs and a surge in the prices of goods like furniture, appliances and vehicles, along with high travel-related costs as restrictions eased.

That was the opposite of the United States https://ift.tt/3lqDq3g, where a harsh fourth wave has put a damper on travel.

“It is really the mirror opposite of what we saw in the U.S. yesterday, where we had the travel components showing signs of cooling. Here, they are showing signs of heating up,” said Jimmy Jean, chief economist at Desjardins Group.

“It is still part of the reopening effect. In August we were still getting back to normal,” Jean added.

Analysts polled by Reuters had expected the annual inflation rate to rise to 3.9% in August. At 4.1%, it was the highest since the 4.2% recorded in March 2003.

The three measures of core inflation all posted gains. CPI common, which the Bank of Canada calls the best gauge of the economy’s underperformance, edged up to 1.8% from 1.7% in July.

The Canadian dollar was trading 0.2% higher at 1.2663 to the greenback, or 78.97 U.S. cents.

(Additional reporting by David Ljunggren in Ottawa and Fergal Smith and Nichola Saminather in Toronto;Editing by Andrew Heavens, Paul Simao and Andrea Ricci)

Source Link Canada inflation hits 18-year-high with election just days away

David Barret
David Barret

Related posts:

  1. Tennis-Sabalenka defeats Mertens in straight sets in U.S. Open fourth round
  2. China’s export, import growth likely eased in Aug on COVID-19 cases, supply bottlenecks: Reuters poll
  3. Piaggio, KTM, Honda and Yamaha set up swappable batteries consortium
  4. In Buenos Aires downtown, a city seeks new lease of life after pandemic ‘iceberg’

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Are Space-Made Medicines The Future? Find Out More In Issue 38 Of CURIOUS – Out Now
  • An Alien-Like Fish With A See-Through Head And Green Eyes Lurks In The Ocean’s Dark Depths
  • Africa Wants To Change Misleading World Map, The “Wow!” Signal Was Likely From An Extraterrestrial Source, And Much More This Week
  • A “Good Death”: How Do Doctors Want To Die?
  • People Are Throwing Baby Puffins Off Cliffs In Iceland Again – But Why?
  • Yet Another Ancient Human Skull Turns Out To Be Denisovan
  • Gen Z Might Not Be On Course For A Midlife Crisis – Good News, Right? Wrong
  • Glowing Plants, Punk Ankylosaur, And Has The Wow! Signal Been Solved?
  • Pulsar Fleeing A Supernova Spotted Where Neither Of Them Should Be
  • 20 Years After Hurricane Katrina: Is It Time For A New Approach To Hurricane Classification?
  • Dog Named Scribble Replicates Quantum Factorization Records – So We Tried It Too
  • How Old Is The Solar System? (And How Can We Tell?)
  • Next Week, A Record-Breaking Over 7 Billion People Will See The Total Lunar Eclipse
  • The Goblin Shark Has The Fastest Jaws In The Ocean, Firing Like A Slingshot At Speeds Of 3.1-Meters-Per-Second
  • We Thought Geological Boundaries Were Random. Now, A New Study Has Identified Hidden Patterns
  • Do Fish Sleep?
  • The Biblical Flood Myth That Inspired Noah’s Ark Had A Sinister Twist
  • Massive Review Of 19 Autism Therapies Finds No Strong Evidence And Lack Of Safety Data
  • Giant City-Swallowing Cracks In Earth’s Surface Are A “New Geo-Hydrological Hazard”
  • Three Incredible Telescopes Looked At The Butterfly Nebula To Learn Where Earth Came From
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version