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Global Markets: Inflation hits one per cent

Gasoline prices spike in January

By MarketsFarm

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

– Inflation in Canada reached one per cent during January, according to Statistics Canada on Wednesday. That was slightly better than the 0.9 per cent economists predicted. The overall increase last month was fueled by a 6.1 per cent jump in gasoline prices, according to the federal agency. However, gasoline prices were 3.3 per cent below compared to a year ago. Inflation in December stood at 0.7 per cent.

– Hundreds of thousands of people took to the streets throughout Myanmar on Wednesday, demonstrating against the military coup d’état that ousted the civilian government on Feb. 1. The pro-democracy protests were organized to counter the military’s claim its government has widespread support throughout the country. A representative for the United Nations warned the regime could resort mass violence to quell the ongoing protests.

– The effects of a powerful winter storm and an Arctic front have continued to wreak havoc across much of the United States on Wednesday. In Texas alone, approximately 2.8 million are without electricity, while oil production facilities remain shut down or operating at reduced capacity. The unusually cold weather for the U.S. has claimed 26 lives.

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