Global Markets: Canada’s inflation rate highest since 2011

WINNIPEG, June 16 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Statistics Canada reported today that Canada’s inflation rate increased to 3.6 per cent year-by-year in May, the highest pace since 2011. The rate has increased from 3.4 per cent in April. Core inflation also rose to 2.3 per cent, its highest rate since 2009. The Bank of Canada (BoC) had previously stated that inflation is being driven by temporary factors and excess supply will bring downward pressure. Inflation in the cost of transportation rose the highest at 7.6 per cent, as gasoline prices increased by 43 per cent compared to last year. The inflation rate of the cost of shelter also jumped to 4.2 per cent.

– United States President Joe Biden and Russian President Vladimir Putin will meet in Geneva, Switzerland today for the first meeting between the two leaders since Biden took office earlier this year. There are very few expectations from the meeting as relations have deteriorated between the two countries over the past few years. Last March, Biden called Putin a “killer”, which resulted in both countries recalling their ambassadors.

– The U.S. Department of Transportation announced yesterday it is seeking US$25.6 million in fines from Air Canada, claiming the airline did not provide timely refunds for passengers whose flights were delayed or cancelled due to the COVID-19 pandemic. The department’s Office of Aviation Consumer Protection said it has received more than 6,000 complaints since March 1, 2020 from consumers alleging Air Canada denied them refunds. Air Canada said in a statement it has provided more than US$1.2 billion in refunds and that the Department of Transportation is enforcing guidelines which aren’t law.

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