WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– Canada’s inflation rate rose to an annual pace of 4.8 per cent last December, according to the latest data from Statistics Canada released on Wednesday. The increase to the consumer price index is the largest in Canada since 1991. Meanwhile, grocery prices jumped by 5.7 per cent last month, the biggest annual gain since 2011. In the United Kingdom, the Office of National Statistics reported on Wednesday the consumer price index in that country increased at an annual rate of 5.4 per cent, the biggest gain since 1992.
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– In the House of Commons on Wednesday, U.K. Prime Minister Boris Johnson faced repeated calls to resign from opposition and even one of his own members of parliament. In recent days, Johnson has apologized for a series of lockdown parties at his official residence on Downing Street in London, flouting COVID-19 rules. However, he said he was unaware of many of them. “I expect my leaders to shoulder the responsibility for the actions they take,” said Conservative MP David Davis. He later quoted former English general Oliver Cromwell, saying, “You have sat there too long for the good you have done. In the name of God, go.”
– The International Energy Agency, in its monthly report released on Wednesday, said demand has not waned during the Omicron wave of the COVID-19 pandemic, while supply has shrunk due to supply chain disruptions. Oil demand is currently on track to reach pre-pandemic levels of 99.7 million barrels a day, but countries have struggled to produce enough oil for planned production increases. Brent crude oil hit a seven-year high in price on Tuesday.
