In this edition:
- Rate of inflation falls to 2.9%
- Ontario omnibus bill ‘Get It Done Act’ to contain urban boundary changes
- Business innovation rate dropped during pandemic years: StatCan
- Petition circulating against re-establishing downtown Niagara Falls BIA under present city council
- Welland residents opposed to Heron Street housing development
- Loblaw to expand network, introduce 40 new discount stores this year
- Chamber chief economist appointed to Canadian Statistics Advisory Council
- United Nations observes World Day of Social Justice
- Focus on Finance & Economy
Rate of inflation falls to 2.9%
The Consumer Price Index (CPI) rose 2.9% on a year-over-year basis in January, following a 3.4% gain in December. The largest contributor to headline deceleration was lower year-over-year prices for gasoline in January (-4.0%) compared with December (+1.4%). Excluding gasoline, headline CPI slowed to 3.2% year over year in January, down from the 3.5% growth in December.
Price growth for food purchased from stores slowed year over year in January (+3.4%) compared with December (+4.7%), putting downward pressure on the all-items CPI. Lower prices for airfares and travel tours also contributed to the headline deceleration.
Prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), edged down 0.1% month over month in January and were 2.9% lower than in January 2023.
Ontario omnibus bill ‘Get It Done Act’ to contain urban boundary changes
Ontario’s municipal affairs and housing minister says an omnibus bill being introduced today will include changes to some urban boundaries that municipalities themselves requested.
Paul Calandra last year reversed changes the government imposed on urban boundaries and municipal official plans, one of several policy reversals in his ministry after he assumed the post in September. Some regions and municipalities had spoken out over the changes, saying the extra land wasn’t needed to build more housing.
Calandra reversed those forced expansions and told municipalities to submit any changes they wanted to see, and he now says those changes will be reflected in legislation today.
Business innovation rate dropped during pandemic years: StatCan
According to findings from the 2022 Survey of Innovation and Business Strategy (SIBS), covering the pandemic period (2020 to 2022), the innovation rate (71.9%), which is the proportion of businesses that introduced product or business process innovations, declined compared with the previous reference period (79.8% in 2017-to-2019).
The impact of the pandemic was apparent in the extent to which it influenced the nature of innovation. For product innovators, 5.1% brought new or improved products to market exclusively in response to the pandemic, while 38.8% reported that at least some of their product innovations were in response to the pandemic.
Petition circulating against re-establishing downtown Niagara Falls BIA under present city council
“I’m going to make sure that the city knows that there are enough Queen Street members that do not want the BIA restored,” said Joedy Burdett, who owns a tinting business on Bridge Street.
Niagara Falls city council dissolved the embattled organization last March. After meeting behind closed doors to receive advice subject to solicitor-client privilege, council ratified in open session a repeal of a bylaw to establish the downtown BIA board of management and assume all assets and liabilities of the organization.
Welland residents opposed to Heron Street housing development
Twenty-five two-storey townhouses and a seven-storey residential apartment building with commercial space aren’t welcome in a southwest Welland neighbourhood.
Residents near the proposal at Heron Street and South Pelham Road voiced opposition to the project that was before city council last week for information purposes only.
Upper Canada Consultants planning manager Wiliam Heikoopof, making a presentation on behalf of 1454417 Ontario Ltd., said the developer is seeking official plan and zoning bylaw changes to allow for the townhouses and apartment building.
Loblaw to expand network, introduce 40 new discount stores this year
Loblaw Companies Ltd. is significantly growing its store network this year as part of a record $2 billion capital investment plan.
That includes more than 40 new stores, the expansion or relocation of an additional 10 stores and renovations to more than 700 existing banner locations.
Loblaw says the expansion will create more than 7,500 jobs.
Chamber chief economist appointed to Canadian Statistics Advisory Council
The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, has announced the appointments of four new members of the Canadian Statistics Advisory Council for three-year terms. The independent advisory council has a mandate to advise the Minister of Innovation, Science and Industry and the Chief Statistician of Canada on the overall quality of the national statistical system.
Among the new members is Dr. Stephen Tapp, Chief Economist at the Canadian Chamber of Commerce. Dr. Tapp has worked for more than 20 years at many of Canada’s top economic organizations, the Bank of Canada, the Office of the Parliamentary Budget Officer, the Department of Finance Canada and several think tanks, as well as in academia. He holds a PhD and an MA in economics from Queen’s University and is an award-winning researcher in Canadian economic policy.
United Nations observes World Day of Social Justice
World Day of Social Justice reminds us each year of the need to build fairer, more equitable societies. Momentum is growing for the concept that advancing social justice should be the central aim guiding all national and international policies. This idea has gained traction among proponents who argue it enables societies and economies to function more cohesively when social justice is prioritized.
Supporters contend that promoting decent work and a fair globalization agenda focused on fundamental rights, employment opportunities, social protections, and constructive social dialogue between governments, employers, and workers is key to putting social justice at the core.
Did you know?
Around 187,200 tonnes of gold has been mined since the beginning of civilization.
Focus on Finance & Economy
Stock market today: Tech stocks lead market slide with Nvidia earnings on deck
US stocks closed in the red on Tuesday as investors looked to big retailer earnings to provide insight into consumer resilience amid doubts about the odds of a “soft landing.”
The tech-heavy Nasdaq Composite led the declines, dropping nearly 1%. The S&P 500 fell about 0.6%, while the Dow Jones Industrial Average dropped roughly 0.2% after the three gauges closed a turbulent week lower.
Earnings are front of mind as markets reopen after the Presidents’ Day break, with quarterly reports from leading US retailers Walmart and Home Depot provided a mixed picture. Shares of Home Depot dipped after it signaled demand has failed to pick up amid “sticky” inflation, while Walmart jumped as its upbeat sales outlook and dividend increase boosted the mood.
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.
