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Canadian families will pay $1,065 more for groceries in 2023, report says
2022-12-05

Food prices in Canada will continue to escalate in the new year, with grocery costs forecast to rise up to seven per cent in 2023, new research predicts. For a family of four, the total annual grocery bill is expected to be $16,288 -- $1,065 more than it was this year, the 13th edition of Canada's Food Price Report released Monday said. Restaurant costs are expected to increase four to six per cent, less than supermarket prices, the report said. Grocery prices were up 11 per cent in October compared with a year before while overall food costs were up 10.1 per cent, according to Statistics Canada. "We were called alarmists," Charlebois said of the prediction that food prices could rise seven per cent in 2022.



Canadians are now paying the price for past views on debt
2022-12-05

Canada’s total debt-to-GDP ratio has risen from 223 per cent in December 2007 to 325 per cent of GDP in March 2022 — one of the highest levels amongst the advanced economies. For Canada, the percentage of private sector income needed to service debts actually rose from 21 per cent at the end of 2007 to 23 per cent in March 2022 despite the collapse in interest rates and thus interest expense. This occurred as Canada’s 10-year government bond yield, a proxy for the cost of credit for the private sector, declined from 4.7 per cent in 2007 to 1.8 per cent in March this year when the last data for the private sector debt service ratio is available. The result is that Canada’s private sector debt service ratio has remained at very high levels even as interest rates have plummeted. If we use Canada’s 10-year government bond yield as a proxy for the likely rise in interest expense for the private sector, the interest expense for some borrowers will have risen by more than 80 per cent since March 2022.



The Dos and Don’ts of Last-Minute Holiday Shopping
2022-12-05

Return policies may require additional documentation, like receipts, and may have policies that vary depending on the way you purchased an item, such as in-store or online. There are several advantages to purchasing gift cards for everyone on your wish list. Are any of these items requested gifts for those on your wish list? Shopping online is a great way to get your last-minute shopping done if you want to avoid the crowds at the stores and ensure you receive everything on your wish list before Christmas. In addition to receiving rewards and/or cash back depending on the type of credit card you have, you’ll be better able to track your overall spending and prevent fraud.



Russian oil price cap, EU ban aim to limit Kremlin war chest
2022-12-05

Oil prices rose Monday as the first strong measures to limit Russia's oil profits over the war in Ukraine took effect, bringing with them uncertainty about how much crude could be lost to the global economy through the new sanctions or Russian retaliation. International benchmark Brent crude rose 2% to $87.30 per barrel, a day after the OPEC+ alliance of oil producers, including Russia, made no changes to supply plans because the impact of the new restrictions on Russian oil is not yet clear. Starting Monday are a European Union embargo on most Russian oil and a price cap of $60 per barrel on Russian exports to other countries imposed by the Group of Seven democracies and the EU. The EU ban on Russian oil moving by sea is "by far the biggest step to date to cut off the fossil fuel export revenue that is funding and enabling Russia's barbaric invasion of Ukraine," said Lauri Myllyvirta, lead analyst at the Finland-based Centre for Research on Energy and Clean Air. But Russia has said it will not sell oil to countries that observe the cap, which could take oil off global markets and raise energy costs, including for gasoline at the pump.



Have your say: Have you accepted a credit card increase you came to regret?
2022-12-05

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Our favourite things: This gift is all about seasonal warmth
2022-12-05

Our favourite things: This gift is all about seasonal warmth The Gazette 4 hrs ago Jillian Page, Montreal Gazette © Provided by The Gazette Slipper socks are a great gift for any size of budget — and any size of feet. With the latter in mind, here’s a gift that will provide lots of warmth all around and won’t break your credit card or your child’s piggy bank: thick, warm, fleece-lined slipper socks. They can be had with “Sherpa lining” and non-skid soles for as little as $4 at the dollar store, which makes for a thoughtful gift from a child stretching their allowance to buy presents. A child may not realize it, but keeping one’s feet warm in the winter is important for overall good health. Why not make it a tradition and give that special someone slipper socks every year?



Canadian families will pay $1,065 more for groceries in 2023, report says
2022-12-05

Food prices in Canada will continue to escalate in the new year, with grocery costs forecast to rise up to seven per cent in 2023, new research predicts. For a family of four, the total annual grocery bill is expected to be $16,288 -- $1,065 more than it was this year, the 13th edition of Canada's Food Price Report released Monday said. Restaurant costs are expected to increase four to six per cent, less than supermarket prices, the report said. Grocery prices were up 11 per cent in October compared with a year before while overall food costs were up 10.1 per cent, according to Statistics Canada. "We were called alarmists," Charlebois said of the prediction that food prices could rise seven per cent in 2022.



Food delivery robots hit Canadian sidewalks, but many challenges delay mass adoption
2022-12-04

Delivery robots have been banned from some major cities like Toronto, which argued they are a hazard for people with low mobility or vision, as well as seniors and children. "There's a lot of reasons to replace our cars with these robots as quickly as we really can, but there's no reason for us to make anyone an enemy," Kashani said. Serve robots only made nearby deliveries for Pizza Hut's 1725 Robson St. location for two weeks, but the pilot generated "childlike excitement" from customers and had a 95 per cent satisfaction rate. As for Serve, it's focused on Los Angeles right now, but Kashani said its mission is to get five per cent of delivery vehicles off the road in the next five years.



Canadians are now paying the price for past views on debt
2022-12-05

Canada’s total debt-to-GDP ratio has risen from 223 per cent in December 2007 to 325 per cent of GDP in March 2022 — one of the highest levels amongst the advanced economies. For Canada, the percentage of private sector income needed to service debts actually rose from 21 per cent at the end of 2007 to 23 per cent in March 2022 despite the collapse in interest rates and thus interest expense. This occurred as Canada’s 10-year government bond yield, a proxy for the cost of credit for the private sector, declined from 4.7 per cent in 2007 to 1.8 per cent in March this year when the last data for the private sector debt service ratio is available. The result is that Canada’s private sector debt service ratio has remained at very high levels even as interest rates have plummeted. If we use Canada’s 10-year government bond yield as a proxy for the likely rise in interest expense for the private sector, the interest expense for some borrowers will have risen by more than 80 per cent since March 2022.



China's LONGi Denies Circumventing U.S. Tariffs on Solar Panels
2022-12-05

BEIJING (Reuters) - Chinese solar panel maker LONGi Green Energy Technology Co. Ltd said on Monday it will provide evidence to show it is complying with U.S. laws after the U.S. Department of Commerce found it to be circumventing tariffs. The United States will impose new duties on imports from LONGi and three other Chinese solar panel makers, trade officials said on Friday, after an investigation found in a preliminary determination issued last week they were trying to dodge tariffs by finishing products in Southeast Asian countries. 'Next, the U.S. Department of Commerce will conduct on-site audit in the next few months to verify the authenticity of the investigation information. During this period, we will actively provide evidence that shows we are compliant with U.S. trade law and not circumventing,' LONGi said in a statement sent to Reuters. If finalised next year, the U.S. determination means the Chinese companies will be subject to duties on the products they make in Malaysia, Cambodia, Thailand and Vietnam.







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