Global Markets: Canada’s inflation rate sharply rises

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

– Statistics Canada reported on Wednesday that the country’s inflation rate had risen to 3.7 per cent in July, the biggest increase since May 2011. Excluding gasoline, whose prices rose by 30.9 per cent from July 2020, the consumer price index for July increased 2.8 per cent compared to the previous year. Food prices increased at an annual rate of 1.7 per cent, the prices for goods rose by five per cent and homeowner replacement costs jumped 13.8 per cent year-over-year, the largest increase since October 1987. The Bank of Canada is aiming to keep inflation limited to two per cent.

– Housing starts in the United States dropped seven per cent to a rate of approximately 1.534 million units in July, the U.S. Commerce Department reported on Wednesday. The report followed a survey by the National Association of Home Builders whose results released on Tuesday showed that confidence among single-family home builders dropped to a 13-month low in August. The reasons cited for higher material costs and home prices.

– The World Trade Organization (WTO) said on Wednesday its goods trade barometer reached a record high of 110.4 points, the highest since the barometer was introduced in 2016 and more than 20 points higher than last year. The WTO added the number was indicative of both the trade recovery in 2021 and the pandemic-related shock of 2020.

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