WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– 2022 will see the largest annual increase of food prices on record in Canada, according to the Canada Food Price Guide published by Dalhousie University and the University of Guelph and released on Thursday. Food price inflation, bolstered by supply chain issues, extreme weather events, and food waste, is on track to increase food prices by five to seven per cent or an extra C$966 for a family’s typical grocery bill. Dairy and restaurant food prices will increase by six to eight per cent, while meat and seafood will only see prices stay steady or increase as high as two per cent.
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– United States President Joe Biden will kick off his virtual two-day Summit for Democracy on Thursday, hosting government officials, civil society advocates, and business leaders from 110 countries including Canada. The goal of the summit, according to White House deputy press secretary Karine Jean-Pierre, is “to focus on what the president has called the challenge of our time: reversing the ongoing global democratic recession, and ensuring that democracies deliver for their people.” Topics to discuss will likely include Russian aggression towards Ukraine, China’s incursion into Taiwan and the Jan. 6 attack on the U.S. Capitol.
– Italy’s anti-trust authority has fined Amazon US$1.3 billion on Thursday, accusing the company of exploiting its dominant position against independent sellers on its website in violation of European Union competition law. Italy claims Amazon required third-party sellers to use its own logistics service Fulfilment by Amazon, harming competitors and stifling competition. Amazon said it will appeal the fine, calling it “unjustified and disproportionate”.
