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  • Inclusionary housing in a slow-growth city like Winnipeg December 3, 2018
    In Winnipeg, there is a need for more affordable housing, as 21 percent of households (64,065 households) are living in unaffordable housing--according to CMHC's definition of spending more than 30 percent of income on shelter.? This report examines to case studies in two American cities and how their experience could help shape an Inclusionary Housing […]
    Canadian Centre for Policy Alternatives
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    Canadian Centre for Policy Alternatives
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    Canadian Centre for Policy Alternatives
  • A new Director for CCPA's BC Office: Message from Mary Childs, Board Chair October 24, 2018
    The CCPA-BC Board of Directors is delighted to share the news that Shannon Daub will be the next BC Director of the Canadian Centre for Policy Alternatives. Last spring, Seth Klein announced that, after 22 years, he would be stepping down as founding Director of the CCPA-BC at the end of 2018. The CCPA-BC’s board […]
    Canadian Centre for Policy Alternatives
  • Who Owns Canada’s Fossil-Fuel Sector? October 15, 2018
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    Canadian Centre for Policy Alternatives
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The Progressive Economics Forum

Inflation Central

Statistics Canada reported today that consumer prices edged up by 0.1% in February on a seasonally-adjusted basis, bringing the annual inflation rate to 2.6% and the core inflation rate to 2.3%. These rates are within the Bank of Canadaa€?s target range and should allow it to keep interest rates low, which would be appropriate given Canadaa€?s stalled labour market.

The Labour Force Survey indicates that the average hourly wage rose at an annual rate of 2.0% to February. Working Canadians are not keeping up with the cost of living.

While the national totals changed little in February, there was a notable regional story. Among the provinces, Quebec and Ontario posted the highest inflation rates: 3.2% and 2.9% respectively. Both had wage growth of only 1.7%, the lowest rate of any province except Manitoba.

In other words, central Canadians are paying for the highest price increases out of the lowest wage increases. Over the past year, gasoline prices have risen faster in Quebec (+13.4%) and Ontario (+9.5%) than the national average (+8.9%). Ontarians were also hit by an 8.9% increase in provincial electricity rates.

UPDATE (March 24): Quoted in todaya€?s Toronto Star (page B8)

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Comments

Comment from MikeB
Time: March 23, 2012, 11:01 am

I think it is worth emphasizing that this rise in inflation is mostly due to energy costs which has little or nothing to do with Canada’s monetary and fiscal policy.

Interesting observations on inflation from professor John T Harvey here:
http://rommeldak.wordpress.com/2010/07/22/inflation-what-really-causes-it-and-what-we-truly-have-to-fear/

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