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Tag: Inflation

  • Turkish inflation falls more than expected to 44%

    Turkish inflation falls more than expected to 44%

    Canada Global (Web News) Turkey’s inflation rate for December came in lower than expected, with annual inflation at 44.38% and monthly inflation at 1.03%, according to data released on Friday. This followed the central bank’s recent decision to initiate a monetary easing cycle after a prolonged effort to control inflation.

    The Turkish Statistical Institute reported a decline in monthly inflation from November’s 2.24%, while annual consumer price inflation (CPI) was 47.09% in November. The main contributors to the annual increase were education, housing, and restaurant costs, while furniture and telecom prices saw the largest monthly rise.

    A Reuters survey had predicted annual inflation to drop to 45.2% and the monthly rate to 1.61%, but the December figures exceeded expectations, aligning with the central bank’s year-end target of 44%. The annual rate for December marked the lowest inflation level since mid-2023.

    The central bank, which had maintained its interest rate at 50% since March, recently reduced it by 250 basis points to 47.5%. This shift follows a tightening phase that began in mid-2023. Officials have stated that monetary policy will be reviewed on a meeting-by-meeting basis, focusing on inflation trends and addressing any significant risks.

    Economists anticipate further interest rate reductions as inflation continues to decline. Finance Minister Mehmet Simsek expressed confidence that inflation will align with the year’s targets, supported by fiscal measures, easing rigidity in services inflation, and improving market expectations.

    Projections from the Reuters poll suggest annual inflation could fall to 26.5% by the end of 2025, while the central bank forecasts a decline to 21% by the end of 2024. However, price movements in the coming months are expected to reflect adjustments such as the recent 30% minimum wage increase and new-year tax changes.

    In December, the domestic producer price index rose 0.4% month-on-month, resulting in an annual increase of 28.52%, further highlighting price pressures in the economy.

  • The Bank Of Canada Cut Its Interest Rate By 25 Basis Points Overnight

    The Bank Of Canada Cut Its Interest Rate By 25 Basis Points Overnight

    Canada Global(Web News) The Bank of Canada cut its interest rate by 25 basis points overnight, a rate not seen since the start of the pandemic. After the announcement, the policy rate has come down to 4.75 percent, down from 5 percent since July last year.

    The bank began raising its key interest rate in March 2022 after higher-than-expected inflation data from the pandemic and disruptions to global supply chains.

    The central bank is now seeing strong evidence that core inflation is returning to sustainable levels. The Canadian central bank will be the first among its peers at the Bank of England, the European Central Bank and the United States Federal Reserve to cut rates.
    “We’ve come a long way in the fight against inflation,” Bank of Canada Governor Tiff McCallum said in Ottawa. We are confident that inflation will continue to reach the 2 percent target that has risen in recent months.
    Inflation rate was 2.7% in April which is less than 2.9% in March this year. The economy grew by 1.7 percent in the first quarter of 2024

  • The Bank Of Canada Has Announced That Interest Rates Will Remain At 5 Percent

    The Bank Of Canada Has Announced That Interest Rates Will Remain At 5 Percent

     Canada Global(Web News) The Bank of Canada has once again announced to maintain the interest rate at 5 percent. At the same time, the bank ignored the demands to reduce these interest rates. The bank has also said that inflation is still so high that it is not possible to even think about reducing interest rates.

    Speaking at a news conference after the interest rate announcement on Wednesday, Governor Tiff McCallum acknowledged that inflation continues to decline and the economy is weakening. But he said that there is a lot of hidden price pressure, so he does not want to take any risk at this time.
    While the bank’s decision on Wednesday did not surprise everyone, some economists believe the first rate cut will take place in June. These economists believe that the decade’s high interest rates will further weaken Canada’s economy.

  • Alberta Has The Most Interprovincial Migration, Statistics Canada

    Alberta Has The Most Interprovincial Migration, Statistics Canada

     Canada Global(Web News)The provincial government has been selling the “Alberta Advantage” for years with promises of higher wages and lower taxes. Now the trend of housing starts is increasing and so is the number of people migrating to the province.

    But is Alberta ready for population growth?
    During the first three quarters of 2023, more than 45,000 people moved to Alberta from within Canada. Economists say there are several reasons for this, including the fact that, unlike other metropolitan areas in the country, major centers in the province can grow with population.
    However, one of the biggest motivators is the low price.

    Times are tough when inflation hits, and everyone struggles for themselves. It’s really easy to understand that Alberta is a good place to spread your money a lot more than the rest of Canada.
    Alberta doesn’t have a provincial sales tax. So when you enter the province, your dollar-for-dollar spreads about 10 percent more. Then when you add that it has some of the lowest income tax rates anywhere in Canada, the amount of money you have available to spend is even greater.
    According to Statistics Canada, Alberta had the most interprovincial migration with 6,262 Ontario residents moving west and 5,269 moving from BC.

     

  • Another Shock To The People Fed Up With Inflation, Electricity Is More Expensive

    Another Shock To The People Fed Up With Inflation, Electricity Is More Expensive

    Canada Global(Web News) The National Electric Power Regulatory Authority (NEPRA) has increased the price of electricity for consumers, which notification has also been issued. According to the notification, the price of electricity for consumers is 40 paise per unit. has been added.

    Nepra’s notification said that electricity was increased due to September fuel adjustment, electricity consumers will be charged additional charges in November bills. According to the notification, the decision will not apply to customers of Lifeline and K Electric. It should be noted that earlier the Oil and Gas Regulatory Authority (OGRA) had issued a notification to increase gas prices.

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    Preparing to increase the price of electricity, application was made to Nepra 

    According to Ogra, the price has not been increased for protected consumers of gas between 25 and 90 cubic meters per month, but the fixed charges for protected consumers have been increased from Rs.10 to Rs.400. The price of gas has been increased by more than 172%, while the price of 25 cubic meters of gas per month has been increased from Rs.200 to Rs.300 per mmbtu.

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  • Despite The Reduction In The Price Of Petrol, Inflation Could Not Be Reduced

    Despite The Reduction In The Price Of Petrol, Inflation Could Not Be Reduced

     Canada Global(Web News) Despite the significant reduction in the prices of petroleum products, the inflation could not be reduced and the inflation is still uncontrollable.

    In the twin cities of Rawalpindi, Islamabad, the prices of food and beverages also continue to increase. Prices are slightly lower in Sunday and convenience markets but buyers seem to be complaining about the quality. President Central Grocery Merchants Association Slim Pervez Butt says that the management is not fixing the rates according to the quality of the goods and D class goods. It is forced to sell quality goods at the same price by fixing the rate of Rs.

    This month, the federal government has reduced the prices of petroleum products by 40 rupees per liter, and in order to bring its benefits to the people, orders have been issued to the provincial governments and district administrations to reduce the prices of food items. But inflation continues in the twin cities. Is. Prices of food items are sky high on Sundays. Shoppers in Sunday markets are seen complaining of substandard items.

    In the open market, potato at Rs 90 to Rs 116 per kg, onion at Rs 85 to Rs 120 per kg, tomato at Rs 114 to Rs 160 per kg, Quetta garlic at Rs 415 per kg, Rs 540 per kg and local garlic at Rs 265 to Rs 300 per kg. Ginger Thailand 560 to 670 rupees per kg, turnip 76 to 90 rupees, while arvi 125 to 150, black pepper 110 rupees. Capsicum is selling at Rs 170.

    Lemon is available at Rs 90 per kg and brinjal at Rs 100 to Rs 110 per kg, karela at Rs 84 to Rs 96 per kg, thori at Rs 85 to Rs 120 per kg, tenda at Rs 135 to Rs 157 per kg and cucumber at Rs 60 per kg. 70 rupees per kg, cabbage 60 to 70 rupees per kg. Cabbage Rs 95, Spinach Gudi Rs 36 to Rs 50 and Gourd Rs 90 per kg. Among fruits, Banana Rs 95 to Rs 125 per dozen, Grapes Rs 290 to Rs 350 per kg, Apples Rs 260 to Rs 350 per kg, Golden apples Rs 165 to Rs 200 per kg. A kg. Pomegranate is being sold at Rs 200 to Rs 350 per kg, guava at Rs 1.5 to Rs 200 per kg. Live chicken is selling at Rs 345 per kg while meat is selling at Rs 580 to 620 per kg.

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  • This Week, 14 Items Became More Expensive And 17 Items Became Cheaper, Statistics Agency

    This Week, 14 Items Became More Expensive And 17 Items Became Cheaper, Statistics Agency

    Canada Global(Web News) Due to government initiatives, the effects of the dollar and petroleum product price reduction are still being felt and the inflation rate has recorded a decrease of 0.33% during the recent week.

    The annual inflation rate has also come down to 29.65%.
    According to the weekly report on inflation released by the Federal Statistical Office, 14 items became expensive and 17 items became cheaper during this week.
    Potatoes, tomatoes, eggs, pulses, groundnuts, salt, garlic, meat and cigarettes became expensive while prices of pulses recorded a decline. The price of dal mash, dal chana, dal masoor decreased by an average of Rs 8 per kg.
    Similarly, chicken was reduced by Rs 36, LPG cylinder by Rs 50 while the price of sugar per kg decreased by Rs 3.
    According to the report, a 20 kg bag of flour became cheaper by 44 rupees 36 paise in a week. Rice, onion, sugar, jaggery and bananas also became cheaper. Prices of 20 commodities including fresh milk, curd and dry milk remained stable.
    According to the report of the Federal Bureau of Statistics, the inflation rate for the income group up to 17 thousand 732 rupees per month on an annual basis during the recent week was 28.66 percent.
    Inflation rate was recorded at 28.67 percent for the group with monthly income of 17 thousand 733 to 22 thousand 888 rupees, while the rate of inflation was 0.09 percent for the group with monthly income of 22 thousand 889 to 29 thousand 517 rupees.

  • The Bank Of Canada Is Unlikely To Raise Interest Rates

    The Bank Of Canada Is Unlikely To Raise Interest Rates

     Canada Global(Web News) It is possible that the Bank of Canada will not increase its interest rate. Inflationary pressures have eased slightly in Canada.

    Last month, the central bank kept its interest rate steady at five percent, but also said it could raise interest rates further if needed. The annual inflation rate increased in July and August, while the actual inflation rate did not get much relief in the last few months. But the pace of inflation eased slightly in September and the annual inflation rate reached 3·8 per cent.

    Canada’s economy shrank in the second quarter. Economists expect this weakness to continue this year and into 2024.

  • More Than Three Thousand Lawyers Who Have Not Paid The Dues Of Crores Are Disqualified

    More Than Three Thousand Lawyers Who Have Not Paid The Dues Of Crores Are Disqualified

     Canada Global(Web News)More than 3,000 lawyers were disqualified for non-payment of dues of more than 16 lakh crores.

    Lahore High Court Bar officials disqualified lawyers for non-payment of dues, defaulter lawyers will not be able to vote in High Court Bar Election 2024. Lawyers say
    that inflation has affected every section including lawyers, the practice of some lawyers Not much better, they can barely afford their household expenses how will they pay the bar association dues

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  • Bank of Canada set to hike interest rate again amid inflation pressures

    Bank of Canada set to hike interest rate again amid inflation pressures

    Canada Global (Web News) The Bank of Canada is scheduled to release updated economic forecasts along with its most recent decision on interest rates on Wednesday morning.

    Most forecasters predict a hike of 0.25 percentage points, which would raise the benchmark interest rate of the central bank to 5%.

    After a brief hiatus, the central bank increased interest rates last month.

    It highlighted worry over a spate of hot economic indicators that led its governing council to conclude that interest rates were not high enough to slow the growth and lower inflation.

    Given the continued tight employment market and elevated price pressures, many predict another rate increase on Wednesday.

    The annual inflation rate in Canada decreased to 3.4% in May, but less volatile measurements indicate that prices are still growing quickly.

  • Second Russian oil shipment reaches Pakistan

    Second Russian oil shipment reaches Pakistan

    Canada Global (Web News) As Pakistan now relies on cheaper supplies from Russia to cut its trade imbalance and relieve pressure on its declining currency, an oil tanker delivering the second batch of Russian crude anchored at the port.

    The operation to unload the consignment of 55,000 metric tonnes of crude oil that is being carried by the ship “Clyde Noble” will shortly begin.

    Prime Minister Shehbaz Sharif said that he had kept another promise as soon as the first cargo of Russian oil arrived in Pakistan. “Today is a day of transformation. In the direction of prosperity, economic development, energy security, and affordability, we are making little but steady progress.

    Separately, Pakistan’s State Minister for Petroleum Musadik Malik told Reuters that the country paid in Chinese currency for its first government-to-government import of discounted Russian crude, but he declined to discuss the deal’s financial terms, such as the price or the discount Pakistan received.

    Malik predicted that if a steady supply of oil from Russia was guaranteed, the price of petroleum goods would begin to fall. He said, “When Pakistan started meeting one-third of the domestic needs through the imported Russian oil, there was going to be a huge difference in prices with the benefit being transferred to the masses.”

    We aim to purchase one-third of the crude oil from Russia at a reduced price. The oil [petroleum products] will be more affordable once we have accomplished our goal.

    Musadik also made fun of the PTI’s assertion that the previous administration was overthrown because it planned to purchase Russian oil, claiming that the fuel had already arrived from Russia.

    He denied reports that the PTI had pushed forward with a plan to buy oil from Russia, claiming that the ministry did not have a single document to support the assertion. He reminded the audience that the Russian envoy had previously denied their assertion.

  • IPP will provide relief to inflation-hit people, says Aleem Khan

    IPP will provide relief to inflation-hit people, says Aleem Khan

    Canada Global (Web News) Abdul Aleem Khan, the president of the Istehkam-e-Pakistan Party (IPP), declared on Thursday that his group will assist the poor who are struggling with skyrocketing prices and dire poverty.

    At the IPP’s first meeting of its manifesto committee, which was chaired by Aleem Khan, the document was carefully examined. Aleem said the IPP will specifically “represent” the populace and “fulfil their expectations.”

    “Creating the welfare state in its fullest sense is the aim of joining the IPP. Aleem promised that the nation will be free of the politics of violence, hatred, and division.

    According to IPP central secretary for communications Firdous Ashiq Awan, the Greece boat tragedy would have been avoided if the economy had been more solid.

    Awan said, referring to the Greek shipwreck event, “Even after seven days have passed, no effective action has been taken against the human traffickers.” She lamented that because of the nation’s economic instability, many people were forced to leave the country.

    Awan promised that her party would live up to the aspirations of the people because she thought it was critically required to put an end to the politics of hatred and pave the way for the country’s prosperity.

  • Global airlines more than double 2023 profit outlook, recover from pandemic

    Global airlines more than double 2023 profit outlook, recover from pandemic

    Canada Global (Web News) In response to high travel demand as the industry recovers from the COVID-19 epidemic, Global Airlines more than quadrupled their industry profit prediction for 2023 to $9.8 billion from $4.7 billion on Monday.

    Willie Walsh, director general, stated at the International Air Transport Association (IATA) annual convention that “the pandemic years are behind us and borders are open as normal.”

    As they get ready for a busy summer season, international airlines have recently announced solid performance. Travel demand has remained strong despite soaring inflation. This year, there has also been less pressure on oil prices.
    Additionally, revenue levels for 2023 are anticipated to rise to $803 billion from $838 billion in 2019, bringing them closer to pre-pandemic levels.

    “Many people not only must travel, but also wish to travel. And they will keep doing so for the remainder of this year,” Walsh told Reuters in a separate interview. High employment rates are boosting demand even in the face of a gloomier macroeconomic outlook, he claimed.

    “That usually gives consumers the assurance that they can spend money and take on debt in order to keep enjoying what they’re doing.”

    Walsh nonetheless warned the 300 airline delegates in attendance that continued problems with the supply chain and increased airport fees were slowing the industry’s comeback.

  • Canada’s annual inflation rate unexpectedly increased to 4.4%

    Canada’s annual inflation rate unexpectedly increased to 4.4%

    Canada Global (Web News) As higher housing costs led to the first acceleration in the consumer price index in ten months, Canada’s annual inflation rate unexpectedly increased to 4.4% in April, according to Statistics Canada data released on Tuesday.

    The annual inflation rate was forecasted by analysts surveyed by Reuters to decrease slightly to 4.1% from 4.3% in March. The consumer price index increased by 0.7% over the previous month, exceeding the projected increase of 0.4%.

    The cost of food increased less quickly in April than it did in March, thanks in part to reduced price increases for fresh vegetables, coffee, and tea, according to Statscan. Prices increased 4.4% when food and energy were excluded compared to a rise of 4.5% in March.

    CPI-median and CPI-trim, the Bank of Canada’s (BoC) two basic indicators of underlying inflation, averaged 4.2% vs. 4.5% in March.

    At its most recent two policy-setting meetings, the central bank left rates constant while it evaluated whether its eight straight rate increases had been sufficient to contain inflation.

    BoC Governor Tiff Macklem has stated that the central bank is prepared to raise interest rates further if Canadian inflation is stuck well above the Bank of Canada’s 2% target.

    According to Statscan, higher rent and mortgage interest costs were the main drivers of the annual inflation rate in April. According to the agency, the climate of increased interest rates may have stimulated a greater demand for rental housing, resulting in rent increases in April.

  • Govt announces 12-rupee cut in petrol prices

    Govt announces 12-rupee cut in petrol prices

    Canada Global (Web News) Ishaq Dar, the Finance Minister, declared on Monday that for the upcoming two weeks, the price of petrol would be reduced by Rs. 12 and the price of diesel by Rs. 30 per litre.

    In a speech that was broadcast on television, he stated: “On the basis of prices in the world market, Prime Minister Shehbaz Sharif sahib and his government attempt to provide maximum assistance to the population.

    Dar announced that the price of petrol would be decreased by Rs12 starting at 12 p.m. tonight for the following 15 days, making it now Rs270.

    According to the minister, diesel will now cost Rs. 258 after a Rs. 30 discount. After being decreased by Rs12, kerosene oil will now cost Rs164.07, and the cost of light diesel oil would drop by Rs12 to Rs152.68 per litre.

    In order for every sector of the economy to gain from the growth, Dar also asked transporters and other departments that utilise diesel to pass along the alleviation to the general population in the form of lower rates.

    The government had already reduced the cost of high-speed diesel by Rs5 per litre while keeping the price of petrol unchanged on 30 April.

  • PM Shehbaz admits our political system is flawed

    PM Shehbaz admits our political system is flawed

    Canada Global (Web News) According to the prime minister, Shehbaz Sharif, systemic problems exist in our political system.

    In a tweet on Wednesday, the prime minister acknowledged this reality.

    It has, regrettably, been reduced to a shorthand for grandstanding and pointless hyperbole, the author remarked on his Twitter account. I believe that the competition for public office should only be based on service delivery. People compete in politics to serve their fellow citizens.

    The administration has been in power for a year, according to Prime Minister Shehbaz, who spoke at a meeting on Tuesday. He said, there was a perception that the government would not hold power for long.

    In just one year, he claimed, the government had to deal with numerous problems and difficulties. There are various points of view. Everyone should pay attention to opposing viewpoints. The beauty of democracy, he insisted, is that people listen to one another.

  • Petrol price likely to be hiked by Rs5 per litre

    Petrol price likely to be hiked by Rs5 per litre

    Canada Global (Web News) The federal government received a brief from the Oil and Gas Regulatory Authority (Ogra) on Saturday that outlined what would cause petrol prices to rise or stay the same over the coming two weeks.

    In response to the skyrocketing petroleum costs on the global market, the authority suggested raising the price of petrol by Rs. 5 per litre and diesel by Rs. 8 per litre. However, the authority also proposed a number of price-stabilizing elements.

    To make a final judgement in this regard, Finance Minister Ishaq Dar will speak with Prime Minister Shehbaz. Prices will change starting at 12 a.m. on April 16.

  • Government is bound due to IMF agreement, says PM Shehbaz

    Government is bound due to IMF agreement, says PM Shehbaz

    Canada Global (Web News) The International Monetary Fund (IMF), according to Prime Minister Shehbaz Sharif, had placed restrictions on the federal government’s ability to negotiate on its final precondition.

    As he presided over the PML-N’s party gathering, the prime minister declared that the government had agreed to all of the IMF’s requirements and that it has always led the nation out of problems. Even if we are going through a terrible moment, he continued, “we are moving forward with good intentions.” He said that it was my trust that things would turn around.

    He claimed that the country was experiencing waves of inflation as a result of the PTI government’s continuance of the IMF programme, and he added that the current administration had agreed to all of the IMF’s requirements. Friendly nations are greatly assisting us, he continued.

    According to Mr. Sharif, the country is currently experiencing the worst flood catastrophe, and only the federal government has provided Rs100 billion to flood victims.

    He refuted accusations that trade had begun with Israel by stating that the assertions were false and should be condemned. He continued, “Pakistan will uphold its ideology till Palestinians receive their due.

  • Nepra raises K-electric power tariff by Rs6 per unit

    Nepra raises K-electric power tariff by Rs6 per unit

    Canada Global (Web News) The power rate for customers of Karachi Electric (K-Electric) was increased by Rs6 per unit on Monday by the National Electric Power Regulatory Authority (Nepra).

    The federal government’s recommendation to increase fuel cost changes prompted it. Between April and June 2023, the price increase will be in effect.

    In an earlier decision to reduce the budget deficit, the administration chose to maintain the price of petrol and diesel for the ensuing two weeks notwithstanding a decline in crude oil prices on the global market.

  • Gold and Silver price rises in Pakistan

    Gold and Silver price rises in Pakistan

    Canada Global (Web News) Monday, gold prices increased in Pakistan, following worldwide trends and possibly being boosted by a declining rupee, which makes the dollar-quoted safe-haven commodity more expensive and forces dealers to be more cautious on the eve of a monetary policy meeting.

    The price of gold (24 carats) increased by Rs 1,200 per tola and Rs 1,028 per 10 kilos to settle at Rs 209,500 and Rs 164,645 respectively, according to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA).

    On Monday, the rupee lost 0.44% of its value against the dollar in the interbank market. The rupee ended up at 285.04 with a loss of Rs1.25, according to the State Bank of Pakistan (SBP).

    With the out-of-control inflation, it is anticipated that the State Bank of Pakistan will increase the policy rate by 100 to 200 basis points. Pakistan’s consumer price inflation increased by a record 35.37% in March compared to the same month last year.

    Since gold increases in value as the value of the dollar declines, it is typically touted as a powerful hedge against inflation.

    Pakistan’s monthly inflation blew past predictions in March and soared to a nearly all-time high level — 35.4% — from a year earlier. People are now suffering more as a result of some of the fastest rising consumer prices and tightening budgets as the cost of living continues to outpace average incomes.

    The policy rate was increased by the central bank by 300 basis points to 20% last month.