Canada column for Sunday, Aug 1/21
THE CANADIAN REPORT
By Jim Fox
Post-pandemic price increases in virtually everything in Canada has prompted the Bank of Canada to tell Canadians to remain calm.
“You can be confident that we will keep the cost of living under control as the economy reopens,” said the central bank Governor Tiff Macklem.
“The Bank of Canada remains firmly committed to keeping inflation low, stable and predictable,” he added.
His comments followed a report showing Canada’s inflation rate slowed more than expected in June to 3.1 percent compared with a 10-year high of 3.6 percent in May.
These inflationary pressures are due to temporary factors including supply constraints and comparisons with last year’s low-price levels.
These factors, both caused by the pandemic, have temporarily driven prices up and Canadians “shouldn’t overreact to these temporary price increases,” Macklem said.
Leading the way with higher prices are transportation, shelter and furnishings, clothing and footwear, health and personal care, recreation, education and reading and alcoholic beverages and smoking products and food.
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Federal election watchers are suggesting Canada could soon be facing an election.
Sure signs, they say, are the many cross-county trips and funding announcements from Liberal Prime Minister Justin Trudeau.
Some of the places he’s been recently including Alberta, Saskatchewan and Sault Ste. Marie, Ontario where he announced a $420-million commitment for Algoma Steel to phase out coal and create jobs.
What this represents, Trudeau said, is “it shows that we are getting things done.”
“I've been taking advantage of the fact that our virus caseloads are now lower that people are getting vaccinated, with 80 percent of eligible Canadians having received at least one dose of a COVID-19 vaccine and 50 percent having both doses.
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News in brief:
- A British Columbia man was fined $2,150 for setting his grass on fire during a time of wildfires and burning bans in the province. The man told police he decided not to cut the grass but to burn it instead. Passengers on a passing BC Ferries boat near Langdale saw the smoke and flames and called the police. Fire trucks were needed to put out the blaze He was fined for violating the fire ban and under the provincial Wildfire Act.
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Facts and figures:
Canada’s dollar is higher at 80 cents U.S. while the U.S. dollar returns $1.25 in Canadian funds before exchange fees.
The Bank of Canada key interest rate is steady at 0.25 percent while the prime lending rate is 2.45 percent.
Canadian stock markets are higher, with the Toronto index at 20,311 points and the TSX Venture index 921 points.
The average price for gas in Canada is steady at $1.38 a liter (Canadian) or $5.25 for a U.S. gallon.
Lotto Max: (July 27) 5, 12, 13, 32, 36, 40 and 48; bonus 49. (July 23) 7, 8, 13, 21, 35, 38 and 45; bonus 15.
Lotto 6/49: (July 28) 1, 4, 10, 14, 32 and 39; bonus 19. (July 24) 1, 5, 7, 19, 37and 45; bonus 35.
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Regional briefs:
- Veterinarians are warning dog owners to beware of their pets eating outdoor items contaminated by from blue-green algae. Stephanie Cross of King City, Ontario said her family’s one-year-old Doberman puppy named Zoe became suddenly ill and died of algae poisoning. It was found she had ingested pine cones coated in the algae in a back yard swimming pool.
- Something else to watch out for is wild parsnip that has turned up in Ontario and Saskatchewan. It has sap that can burn skin and cause blindness when exposed to sunlight. The parsnip closely resembles other common, non-toxic plants such as dill, tansy and Golden Alexander.
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Jim Fox can be reached at canadareport@hotmail.com
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