February Inflation Report
Canada’s annual inflation rate unexpectedly fell to 2.8% last month, largely due to declines in cellular and internet services and slower grocery price growth, according to Statistics Canada’s February consumer price index report. The rate was expected to rise above January’s 2.9% due to higher gasoline prices.
The Bank of Canada’s report indicates that high interest rates are effectively reducing inflation, which is the goal for interest rate cuts. Wireless service prices decreased by 26.5% and internet prices fell by 13.2% from a year ago.
However, grocery prices rose by 2.4% in February, marking the first time grocery prices have risen more slowly than overall inflation since October 2021.
Canadians continue to pay higher food prices, with grocery prices increasing by 21.6% between February 2021 and February 2024. Housing costs also contribute to inflation, with mortgage interest costs increasing by 26.3% and rent increasing by 8.2% annually.
The Bank of Canada is seeking more evidence that inflation is sustainablely heading back to the country’s 2% target before lowering interest rates.
The Bank of Canada’s core inflation measures, which exclude price volatility, saw a decrease last month. These measures are crucial for assessing underlying demand and are not volatile, supply-driven headline items.
The weakness was not in these headline items but rather beneath the surface.
The central bank is expected to begin cutting its key interest rate in mid-year, according to a judge, who predicts more softness in the labour market as the “last piece of the puzzle.”
Must read book about investing – check here
February Inflation Report February Inflation Report February Inflation Report February Inflation Report February Inflation Report February Inflation Report February Inflation Report February Inflation Report
Unilever (UL) stock rose over 3% before market open as investors welcomed the consumer goods giant’s restructuring plan to spin off its ice cream division and reduce 7.5K jobs worldwide. The firm said its board chose to separate the ice cream segment because its operating strategy was substantially different and would best suit future growth. The ice cream company, which includes Magnum and Ben & Jerry’s, earned €7.9B in 2023. Unilever (UL) also announced a “productivity program” that would entail job cutbacks and save €800M over three years.
Unilever (UL) stock rose over 3% before market open as investors welcomed the consumer goods giant’s restructuring plan to spin off its ice cream division and reduce 7.5K jobs worldwide. The firm said its board chose to separate the ice cream segment because its operating strategy was substantially different and would best suit future growth. The ice cream company, which includes Magnum and Ben & Jerry’s, earned €7.9B in 2023. Unilever (UL) also announced a “productivity program” that would entail job cutbacks and save €800M over three years.
Unilever (UL) stock rose over 3% before market open as investors welcomed the consumer goods giant’s restructuring plan to spin off its ice cream division and reduce 7.5K jobs worldwide. The firm said its board chose to separate the ice cream segment because its operating strategy was substantially different and would best suit future growth. The ice cream company, which includes Magnum and Ben & Jerry’s, earned €7.9B in 2023. Unilever (UL) also announced a “productivity program” that would entail job cutbacks and save €800M over three years.
Unilever (UL) stock rose over 3% before market open as investors welcomed the consumer goods giant’s restructuring plan to spin off its ice cream division and reduce 7.5K jobs worldwide. The firm said its board chose to separate the ice cream segment because its operating strategy was substantially different and would best suit future growth. The ice cream company, which includes Magnum and Ben & Jerry’s, earned €7.9B in 2023. Unilever (UL) also announced a “productivity program” that would entail job cutbacks and save €800M over three years.
Unilever (UL) stock rose over 3% before market open as investors welcomed the consumer goods giant’s restructuring plan to spin off its ice cream division and reduce 7.5K jobs worldwide. The firm said its board chose to separate the ice cream segment because its operating strategy was substantially different and would best suit future growth. The ice cream company, which includes Magnum and Ben & Jerry’s, earned €7.9B in 2023. Unilever (UL) also announced a “productivity program” that would entail job cutbacks and save €800M over three years.