Rising food prices are here to stay, says the Bank of Canada. As conflict in Iran drives up fuel and farming costs, Canadians can expect food inflation to remain high through the rest of the year.
Canada's main stock index moved nearly 100 points higher on Wednesday as strength in the financial sector helped offset weakness in basic materials and technology stocks, while U.S. markets also rose.
The central bank’s benchmark interest rate remains at 2.25% after the sixth consecutive hold, which was widely expected by economists. However, the cost of gasoline remains “volatile and highly dependent on events in the Middle East,” the report noted.
