WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– Statistics Canada (StatCan) reported on Tuesday that Canada’s inflation rate fell by one full percentage point to 3.4 per cent in May, the lowest it had been since June 2021. Forecasters and the Bank of Canada (BoC) expected inflation to go down because of last year’s price movements affecting the calculation of the inflation rate. Despite this, grocery prices were up nine per cent on an annual basis. The BoC will announce its next key interest rate decision on July 12.
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– The Competition Bureau released the results of a study on Tuesday recommending more competition in Canada’s grocery sector. It said most Canadians buy groceries from large companies with the country’s three largest grocers, Loblaws, Sobeys and Metro collecting C$100 billion in sales and C$3.6 billion in profits combined. The study made four recommendations, including the entry of international grocers in the marketplace and limiting the use of property controls that make opening new stores difficult.
– Olivia Chow, a former Toronto city councillor and New Democrat MP, was elected mayor of Toronto in a byelection on Monday night, receiving 37.17 per cent of the vote in a field of 101 other candidates. Chow, who is the widow of former federal NDP leader Jack Layton, was given a strong challenge by former city councillor Ana Bailao. She received 32.45 per cent of the ballots cast after an endorsement by previous mayor John Tory. Chow becomes the first progressive mayor elected in Canada’s largest city since David Miller left office in 2010. The byelection was triggered when Tory resigned in February after admitting to an extramarital affair with a member of his staff.
