Weekly Digest – 26 July 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Inflation has fallen, but the Bank of Canada hasn’t backed off rate hikes. Here’s why

Canada’s inflation rate has returned to the country’s target range after a tumultuous couple of years of soaring prices. But despite the good news, the Bank of Canada is still in inflation-fighting mode and seems more likely to raise interest rates further than cut them anytime soon.

Retail sales ‘momentum is clearly slowing’ amid interest rate hikes

“Retail sales momentum is clearly slowing,” Marc Desormeaux, principal economist at Desjardins wrote in a note Friday. “Purchases came in below consensus estimates, and we’ve now seen weak growth or outright declines in three of the past four months, with signs of more softness in June.

Looking for cheaper wireless plans? Prices are dropping sharply, data shows

A price drop for Canadian phone and internet services last month has some observers optimistic about the downward trend, but industry watchers say there is still a long way to go when it comes to telecom affordability.

Canada’s standard of living falling behind other advanced economies: TD

A new economic report from TD says Canada is falling behind the standard-of-living curve compared to its peers. According to the report published last week, Canada has been lagging behind the U.S. and other advanced economies in terms of standard of living performance.

Government of Canada announces plans to create a vaccine bank for Foot and Mouth Disease in animals

Ministers confirmed their commitment to respond to animal disease outbreaks through the establishment of a Foot-and-Mouth Disease (FMD) vaccine bank. This funding will provide Canada with a dedicated vaccine source to support the CFIA and industry in the event of an outbreak.

SCAP Newfoundland & Labrador agriculture funding

Recognizing the significance of sustainable agriculture practices, the provincial government of Newfoundland and Labrador has introduced funding through the federal Sustainable Agriculture Capital Assistance Program (SCAP).

Canadian heavy oil outlook ‘has seldom (if ever) been this strong’

The price of heavy Canadian crude oil has climbed about 20 per cent in 2023, a bright spot for the major producers set to begin reporting second-quarter financial results next week.

Canadian population growth to drive home prices higher and faster

The expected rise in Canada’s population is likely to make the country’s limited housing supply worse – and ultimately lead to even higher home prices, a report by Zoocasa forecasted.

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