Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Nov. 17 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– Inflation in Canada hit an 18-year high of 4.7 per cent in October, according to Statistics Canada. This marked the seventh-consecutive month in which inflation remained above three per cent. The federal agency reported on Wednesday that the cost of gasoline was one of the main drivers, rising five per cent in October and jumping 42 per cent since this time last year. It’s believed the Bank of Canada will begin increasing its key interest rate as a means to combat rising costs.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– Ground transportation links to Vancouver will remain cut for the time being following an enormous deluge of rain that triggered deadly landslides, according to reports on Wednesday. Parts of highways and rail lines were swept away a few days ago by a torrent of up to 250 millimeters of rain, causing widespread flooding and the evacuation of thousands of people throughout southern British Columbia. So far one person has been reported killed in a landslide, with officials not ruling out there could be more fatalities. The loss of ground access to Vancouver will impair Canada’s largest port, with moves approximately C$550 million of cargo per day.
– Sri Lanka has found itself in the middle of food and energy shortages caused by sharp price increases due to the COVID-19 pandemic. Reports said on Wednesday that the Sri Lanka rupee has notably depreciated, exacerbating the crisis. That has led the government of the island country to cap prices on several foods items, place limits on how much people can buy, and restrict imports of essential food items that can’t be produced domestically. However, critics pointed out the measures have backfired by leading to more shortages and even higher prices.
