Global Markets: Canada’s inflation rises above five per cent

WINNIPEG – The following is a glance at the news moving markets in Canada and globally.

– Canada’s inflation rate rose in January to its highest level since 1991 at 5.1 per cent, according to a Statistics Canada report released on Wednesday. Core inflation rose to 3.2 per cent in January, also the highest level since 1991. Analysts believe the new numbers will almost certainly convince the Bank of Canada to increase its key interest rate next month, which has been set at 0.25 per cent since March 2020.

– A truck blockade at the Canada/United States border near Coutts, Alta. was cleared on Tuesday after two weeks, with the crossing resuming normal operations. On Monday, RCMP arrested 13 people and seized ammunition, including long guns and a machete. Four individuals have since been charged with conspiracy to commit murder. Deputy Prime Minister Chrystia Freeland said C$48 million in trade was lost each day on average during the protest.

– Starting Feb. 28, fully vaccinated travellers will no longer require a PCR COVID-19 test before arriving in Canada, the federal government announced on Tuesday. Instead, travellers can take a rapid antigen test 24 hours or less before their flight to Canada. Travellers may still be selected for random testing upon arrival, but they do not need to quarantine while awaiting results. Restrictions for unvaccinated children aged 12 and under travelling with vaccinated adults are also being lifted.

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