Global Markets: Canada’s inflation increases in February

Higher gasoline prices behind the increase

By MarketsFarm

WINNIPEG, March 17 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Statistics Canada said on Wednesday that the country’s consumer price index was up in February largely due to increases in higher gasoline prices. The annual pace of inflation last month gained 1.1 per cent compared to February 2020. The federal agency noted gasoline prices rose five per cent year-over-year, which marked the third consecutive month for gasoline to do so.

– Racism appears to be have been the motive for shootings at three Atlanta, Georgia area spas on Tuesday. Reports said eight people were killed, including six Asian women. Law enforcement arrested 21-year-old Robert Aaron Long after a 240-kilometre pursuit. The shootings came after a spike in anti-Asian violence in the United States.

– Global demand for oil won’t return to pre-pandemic levels until 2023, according to the International Energy Agency (IEA) on Wednesday. The IEA said consumption is to reach 101 million barrels per day (BPD) in 2023, gaining back the nine million BPD it lost during the COVID-19 pandemic lockdowns in 2020. The agency projected demand will hit 104.1 million BPD by 2026.

– Canada and the United States have quietly started negotiations to renew the North American Aerospace Defence Command (NORAD), according to a CBC report. Created decades ago during the Cold War, NORAD has been a joint operation between the two countries to defend North American airspace from enemy attack. The report indicated that up to US$11 billion is needed to modernize NORAD’s operations, including its North Warning System. Canada would be responsible for 40 per cent of the costs.

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