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Missing 3-year-old boy found dead in creek in Mississauga, Ont.: police
A three-year-old boy has been found dead a day after he went missing in a park in Mississauga, Ont., Peel police say.
The Bank of Canada expects inflation to go "a little over" eight per cent for the month of June and stay in that range for a few more months, Governor Tiff Macklem told a business group in a webcast transcript released late Friday.
Macklem, who spoke to the Canadian Federation of Independent Business the day after Wednesday's shock 100-basis-point interest rate hike, also urged small business owners to avoid building the current pace of price increases into their contracts.
"Inflation is high sevens. It’s probably going to go alittle over eight per cent. We have the next CPI next week. We know oil prices were very high in June, so I wouldn’t be surprised to see it move up," Macklem said.
Canadian inflation was 7.7 per cent in May, the highest since January 1983. Analysts surveyed by Reuters expect June inflation to hit 8.3 per cent, which would be the highest since 1982.
Macklem reiterated the Bank of Canada now expects inflation to average around eight per cent for the next few months, then fall to around three per cent by the end of 2023 and to the two per cent target in 2024.
Canadian Deputy Prime Minister Chrystia Freeland, who also serves as finance minister, on Saturday said the federal government was responding by "not pouring fuel on the flames" through its budget and by tackling some of the drivers of inflation as well as labor and housing policies.
"We are confident that the Bank of Canada has the tools and the expertise to do this job," she told reporters in a telephone briefing, noting the bank's independent role.
Macklem also made clear the bank is very concerned about a wage-price spiral, where businesses raise wages to keep workers and then pass the higher costs on to households, who then want higher wages to compensate for inflation.
"You can see this creates a self-perpetuating cycle," he said, adding the central bank will take the action needed to get inflation back on target.
"So as a business, don't plan on the current rate of inflation staying. Don't build that into longer-term contracts. Don't build that into wage contracts. It is going to take some time, but you can be confident that inflation will come down."
The CFIB said it could not release its planned recording of Thursday's webcast due to a technical glitch. The business group published its transcript late on Friday.
(Reporting by Julie Gordon in Ottawa; Editing by Nick Macfie and Diane Craft)
A three-year-old boy has been found dead a day after he went missing in a park in Mississauga, Ont., Peel police say.
Against the rainy Paris night sky, Celine Dion staged the comeback of her career with a powerful performance from the Eiffel Tower to open the Olympic Games.
Premier Danielle Smith said Friday afternoon in Hinton while weather conditions are cooler, the Jasper fire is still considered out of control and that Jasper residents can expect to be away from their homes 'for several weeks.'
An Irish museum will withdraw a waxwork of singer-songwriter Sinéad O'Connor just one day after installing it, following a backlash from her family and the public, it told CNN in a statement on Friday.
A Winnipeg senior is getting soaked with a six-figure water bill.
Nearly two weeks after Donald Trump's near assassination, the FBI confirmed Friday that it was indeed a bullet that struck the former president's ear, moving to clear up conflicting accounts about what caused the former president's injuries after a gunman opened fire at a Pennsylvania rally.
Orillia OPP arrested and charged a driver with impaired driving after flashing their high beams.
A powerful Mexican drug cartel leader who eluded authorities for decades was duped into flying into the U.S., where he was arrested alongside a son of Joaquin "El Chapo" Guzman, according to a U.S. law enforcement official familiar with the matter.
The lawyer for a former judge whose claims to be Cree were questioned in a CBC investigation says his client is not considering legal action against the broadcaster after the Law Society of British Columbia this week backed her claims of Indigenous heritage.
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Video posted to social media on Thursday morning appears to show the charred remains of a Jasper, Alta., neighbourhood.
A Saskatchewan-born veteran of the Second World War was recently presented with France's highest national order.
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Around 100 acres of Manitoba Crown Land near the Saskatchewan border is being returned to the Métis community.
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