Canada column for Sunday, Oct. 24/21
THE CANADIAN REPORT
By Jim Fox
Canadians are paying more for most things as the inflation rate hits a near two-decade high, prompting suggestions of a pending interest-rate hike.
Statistics Canada said inflation has jumped by 4.4 percent, the highest since February 2003, with big jumps in the price of fuel, transportation, food and housing.
The Bank of Canada is reviewing its trendsetting interest rate that has been stalled at an artificial low of 0.25 percent while the prime lending rate is 2.45 percent.
Bank of Canada Governor Tim Macklem said global supply-chain bottlenecks have driven up transport costs while high inflation rates are a temporary issue.
Similar to what’s happening in the United States and elsewhere, there are supply issues of getting goods to market as the pandemic eases and consumer demand surges.
This has led to shortages as oil prices have risen to a national average of almost $1.50 a liter (Canadian) or $5.70 for a U.S. gallon, up almost 35 percent from a year ago.
Housing and food prices are up about five percent as the central bank is considering an interest-rate increase next week or later to help control inflation.
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The Canadian government has ended its advisory against non-essential international travel as the U.S. is set to reopen its border to fully vaccinated Canadians and others on Nov. 8.
The land border has been closed for more than 18 months while the government website now cautions travelers to be fully vaccinated.
It also urges people to continue avoiding “non-essential travel to all destinations” as well as international cruises.
Air travelers will still need to show proof of vaccination on arrival in the U.S. and have a pre-departure negative COVID-19 test taken within three days of boarding their flight.
Non-essential travelers crossing at a land border will be required to show proof of vaccination upon request but are not required to produce a negative COVID-19 test. Details: travel.gc.ca/travelling/advisories
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News in brief:
- Canadians will be receiving a “standardized” vaccine passport for use when traveling and obtaining entrance to businesses requiring proof. These will be issued by each province and territory instead of a national COVID-19 vaccine passport. The vaccine credentials will continue to be the primary way to show someone’s vaccination status. The passports are said to have a “common” look and feel and are available now in Ontario and elsewhere by next month.
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Facts and figures:
Canada’s dollar is steady at 81 cents U.S. while the U.S. dollar returns $1.24 in Canadian funds, before exchange fees.
The Bank of Canada’s key interest rate is 0.25 percent while the prime lending rate is 2.45 percent.
Canadian stock markets are higher, with the Toronto index at 21,140 points and the TSX Venture index 942 points.
The average price for gas in Canada is higher at $1.48 a liter (Canadian) or $5.62 for a U.S. gallon.
Lotto Max: (Oct. 19) 12, 26, 28, 32, 41, 43 and 50; bonus 49. (Oct. 15) 14, 17, 20, 24, 25, 38 and 48; bonus 11.
Lotto 6/49: (Oct. 20) 6, 9, 34, 35, 48 and 49; bonus 41. (Oct. 16) 5, 10, 11, 33, 44 and 47; bonus 20.
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Regional briefs:
- In the fourth wave of the pandemic that has hit western Canada hard, more Canadian hospitals nationally are implementing mandatory vaccine policies for employees. A new trend involves hospital care givers, relatives and occasional staff having to show proof of vaccination before being allowed to enter hospital facilities. The requirement now includes the Greater Toronto Area health centers, including the University Health Network, and hospitals in Quebec. British Columbia has adopted the rule in long-term care homes and acute care and community care visitors.
- Calgary’s newly elected mayor, Jyoti Gondek, says her priority is to declare a “climate emergency” in the Alberta city. “Now is the time to get serious and declare an emergency,” she said in the major oil producing province. It’s a “bold move” and the city has to “move past” an end product of energy production being oil and gas,” she added.
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Jim Fox can be reached at canadareport@hotmail.com
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