WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– Canada’s annual inflation rate has reached a point unseen for more than three decades, Statistics Canada reported on Wednesday. The rate rose to 6.8 per cent in April, the highest level since January 1991. The core inflation rate rose to 4.23 per cent in April, the highest since 1990. Food prices gained 8.8 per cent annually in April with prices from food purchased in stores up 9.7 per cent, the highest rise since 1981.
– In testimony before a United States Senate committee on Tuesday, Alberta Premier Jason Kenney said Canada’s crude oil production can increase by 900,000 barrels a day to fill the supply void left by Russia’s invasion of Ukraine. He explained that there are 300,000 barrels a day of unused capacity in North America’s pipelines, while 200,000 barrels can be shipped by rail and 400,000 more can be added through pipeline reversals and technical improvements. Canadian Natural Resources Minister Jonathan Wilkinson said in a conference in Paris last March that Canada can add 300,000 barrels each day.
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– Nearly 700 more Ukrainian fighters surrendered to Russian forces in the besieged port city of Mariupol on Wednesday, bringing the total to 959. Denis Pushilin, the leader of pro-Russian separatists in the region, said main commanders are still inside an abandoned steel plant. Ukrainian officials have expressed hope of a prisoner swap between both Ukraine and Russia. Meanwhile, Finland’s state-owned energy provider Gasum said on Wednesday Russia could cut off the country’s gas supply later this week in response to Finland and Sweden officially applying for NATO membership.
