WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– Statistics Canada reported on Wednesday that Canada’s inflation rate rose to 5.7 per cent in February, its highest level since August 1991 and slightly exceeding analysts’ expectations. Energy prices were primarily responsible for the increase as gasoline prices jumped 6.9 per cent in February alone and were 32.3 per cent higher than at the same point in time last year. Food costs rose 7.4 per cent over the past year and shelter costs are 6.6 per cent more expensive, the highest rates of increase since 2009 and 1983, respectively.
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– Ukrainian President Volodymyr Zelensky addressed the United States Congress on Wednesday morning, one day after speaking to Canada’s House of Commons. Zelensky thanked the U.S. for its support of Ukraine’s defence against invading Russian forces, but repeated calls for a no-fly zone, comparing the bombardment suffered by Ukrainians to the attack on Pearl Harbor in 1941. A no-fly zone implemented by NATO is considered a non-starter for fears it would escalate the conflict. Representatives from Russia and Ukraine will resume peace talks on Wednesday with Zelensky saying the former’s demands are becoming “more realistic”.
– A North Korean missile fired from the capital region of Pyongyang exploded soon after takeoff on Wednesday morning. The missile blew up at an altitude of 20 kilometres and did not pose a threat to the U.S. or its allies. This was the 10th missile test conducted by North Korea this year and plans to test its longest-range missile yet.
