'Tough' 6 to 12 months ahead for Canadians amid inflation, rate hikes: Expert
BNN Bloomberg
As Canadians face a double whammy of skyrocketing inflation and the largest interest rate hike seen in 24 years, one expert is warning that prices won't be coming down anytime soon.
Carleton University economics professor Vivek Dehejia says there may be "some relief" in sight, but not a whole lot, and expects a "tough six months to a year for average Canadians."
He says the pressure points that played a big role in pushing inflation to a near 40-year high "are still in play," namely ongoing supply chain disruptions, labour shortages and the war in Ukraine, which is driving fuel and food prices up, with no end in sight.
The Bank of Canada increased its key interest rate by one percentage point Wednesday as inflation in the country runs well over seven per cent.
Jay Allen is a fan of U.S. President Donald Trump, and voted for him on the belief that the Republican would cut taxes and trim regulations, helping his manufacturing business in northeast Arkansas.
Another climb for oil prices sent the U.S. stock market sharply lower, as hopes collapsed for a possible cut to interest rates by the Federal Reserve.
Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
Facing a $1.4 billion deficit shortfall, the provincial government says its large-animal vet service will be privatized over the next three years.
Facing a $1.4 billion deficit shortfall, the provincial government says its large-animal vet service will be privatized over the next three years.
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Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Statistics Canada says retail sales were up 1.1 per cent at $70.7 billion in January, led by sales at motor vehicle and parts dealers.
As Qatar reels from an Iranian attack that has hobbled its giant natural gas company, its boss, who doubles as the country’s energy minister, says he had warned officials and executives of just such a danger should Iran’s own sites be hit.
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