In this edition:
- Rate of inflation slows to 2.7% led by slower increase in food prices
- HOPA Ports announces partnership to establish shipping corridor with United States
- Business productivity fell across Canada in 2023: Statistics Canada
- Niagara Falls, Niagara Parks officials tout ‘off-the-charts,’ ‘unprecedented’ media analytics from eclipse
- GO Transit changes Lakeshore West train schedule for 3 weekends
- Regulations, ‘fragmented’ construction sector holding back housing starts: CMHC
- Focus on Finance & Economy
Rate of inflation slows to 2.7% led by slower increase in food prices
The Consumer Price Index (CPI) rose 2.7% on a year-over-year basis in April, down from a 2.9% gain in March. Broad-based deceleration in the headline CPI was led by food prices, services and durable goods.
The deceleration in the CPI was moderated by gasoline prices, which rose at a faster pace in April (+6.1%) than in March (+4.5%). Excluding gasoline, the all-items CPI slowed to a 2.5% year-over-year increase, down from a 2.8% gain in March.
While prices for food purchased from stores continue to increase, the index grew at a slower pace year over year in April (+1.4%) compared with March (+1.9%).
HOPA Ports announces partnership to establish shipping corridor with United States
The Hamilton Oshawa Port Authority (HOPA Ports) announced an agreement with an affiliate of Beowulf Electricity & Data Inc (Beowulf), the U.S. owner of an expansive 1,800-acre site on the southern shore of Lake Ontario to create a bi-national, low-emission, short sea trade corridor. The new partnership will forge connections between the Port of Oshawa, Ontario and a new port in Somerset, New York by establishing a multimodal shipping terminal at the former location of New York’s last coal plant, which retired in 2020.
Business productivity fell across Canada in 2023: Statistics Canada
Niagara Falls, Niagara Parks officials tout ‘off-the-charts,’ ‘unprecedented’ media analytics from eclipse
Billions of dollars in ad value.
Tens of billions of impressions.
Tens of thousands of mentions.
“I don’t know if we’ll ever live to see numbers like this again,” said Mayor Jim Diodati, reacting to a new report from Niagara Parks showing analytics from the total solar eclipse related to Niagara Falls.
GO Transit changes Lakeshore West train schedule for 3 weekends
Weekend riders taking the GO train between Niagara Falls and Union Station will want to look up the schedule before setting out for three consecutive weekends as the train operator is making service adjustments.
GO Transit said service adjustments on the Lakeshore West train line are happening the weekends of May 25 and 26, June 1 and 2, and June 8 and 9.
The changes are due to construction.
Regulations, ‘fragmented’ construction sector holding back housing starts: CMHC
A study by Canada’s national housing agency says housing starts aren’t keeping pace with residential construction resources available due to restrictive regulations and a “highly fragmented” industry.
CMHC senior vice-president of housing economics and insights Mathieu Laberge says Canada has the potential to build more than 400,000 homes per year — around two-thirds higher than the 240,267 housing starts last year.
Did you know?
Focus on Finance & Economy
Latest CPI data points to a June rate cut, economists say
After Statistics Canada reported on Tuesday morning that Canada’s annual rate of core inflation eased for a fourth consecutive month in April, economists say all signs point to the Bank of Canada cutting interest rates this summer.
Here’s what Canadian economists say the latest consumer price index (CPI) data signals.
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.
