Economy

Major Canadian grocer says expanded price freezes will happen amid new plans to stabilize food prices

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Shoppers at a west-end Toronto Sobeys grocery store, Sunday, June 26, 2023. (THE CANADIAN PRESS/Graeme Roy) Major Canadian grocer Empire, the parent company of Sobeys, confirmed it will expand price freezes on several products between November 2023 and January 2024. A month ago, major grocers in Canada did not confirm whether they were committed to special promotions to stabilize grocery prices despite promises by the federal government to alleviate inflation and the rising cost of living for Canadians. Now, Empire confirmed it will be expanding its price-freezing practice to 20,000 of its packaged products in the coming months, the company said in an emailed statement to CTV News Toronto Tuesday. “This is a meaningful step-up from prior years and has resulted in cancelling price increases on approximately 1,700 additional products initially planned to occur during this timeframe,” a spokesperson for Empire said. Empire adds it typically implements price freezes on 90 per cent of all packaged products from November to January annually, with exceptions in certain scenarios. Price increase cancellations will remain in place regardless of any internal or external conditions that might cause prices to go up, according to the company. The federal government gave an ultimatum to major grocers in September, saying they should present plans to stabilize grocery prices by Thanksgiving or face potential tax measures as a consequence. The move came in response to concerns that Canadian families were struggling to put food on the table as grocery prices continued to climb rapidly. Grocery prices in August were 6.9 per cent higher than they were a year ago, according to StatCan. “We also have significant and meaningful plans in development to continue to help stabilize food prices past February” the company said. Empire’s announcement comes after Statistics Canada reported a 3.1 per cent slowdown in the annual inflation rate in October, down from 3.8 per cent in September. Statistics Canada said the largest contributors to inflation continued to be mortgage interest costs, food purchased from stores and rent. While grocery prices rose faster than overall inflation, Statistics Canada said the pace continued to slow. Grocery prices were up 5.4 per cent year-over-year in October compared with 5.8 per cent higher in September. Produce is shown at a west-end Toronto Sobeys grocery store, Sunday, June 26, 2023. THE CANADIAN PRESS/Graeme Roy OTTAWA – A House of Commons committee is asking the heads of Canada’s major grocery chains to appear before MPs and explain their plans to stabilize food prices. The agriculture committee passed an NDP motion last Thursday to invite the grocery executives, or summon them if necessary, to testify about the measures their companies are taking to address food inflation. Earlier this fall, Industry Minister Francois-Philippe Champagne announced the major Canadian grocery companies — Loblaw, Metro, Empire, Walmart and Costco — had presented to the government their plans to tackle rising prices, which he says included discounts, price freezes and price-matching campaigns. Champagne offered few details about these promotions at the time, saying he wanted the grocers to compete with one another. Most grocers have also not confirmed the details of their plans. The motion at the parliamentary committee is asking the grocers to submit “a comprehensive report on their strategies and initiatives taken to date and on further actions aimed at the stabilization of grocery prices in Canada.” The deadline for the submissions is Nov. 2. It is also inviting Champagne and Finance Minister Chrystia Freeland to appear before committee to answer questions. The Canadian Press reached out to the grocers on Tuesday for comment on the parliamentary committee’s motion. Sarah Dawson, aspokeswoman for Sobeys, said the company has not yet received an invitation or request from the committee but that it has “every intention of participating if asked.” She said Sobeys has shared its plans with Champagne, noting they “include some of the novel measures” mentioned by the minister. “Our plans are competitively sensitive and we do not plan to discuss them publicly before they are launched in our stores,” she added. Metro declined to comment, while the others did not immediately respond. The Canadian Press had asked the grocers earlier this month for more details on their pledges to the federal government. Walmart was the only company to weigh in, with a spokeswoman saying the company promised to continue offering “everyday low prices,” which refers to its strategy of offering low prices on a regular basis, rather than on promotion only. In an interview with The Canadian Press on Oct. 16, Champagne said he wishes the grocers were “more forthcoming” about their plans. The federal government is taking other steps aimed at addressing high grocery prices. On Tuesday, Champagne announced more funding for non-profit consumer advocacy organizations to help fund projects that focus on retail practices that hurt consumers, and on the development of tools that help consumers make informed decisions and save costs. Prime Minister Justin Trudeau announced the decision to pressure grocers to tackle rising prices in September, one of several affordability measures from the Liberals after a summer of polling showing growing support for the Conservatives. The Conservatives have been hammering the Liberals over the cost of groceries, blaming them on Liberal spending, while the NDP Leader Jagmeet Singh has said the Liberal government’s “plan to ask CEOs nicely to reduce prices is ridiculous.” Grocery prices have risen in Canada at a faster rate than overall inflation, although they have also risen dramatically around the world, with many countries seeing food prices rise at an even faster rate. OTTAWA – Industry Minister Francois-Philippe Champagne says he wishes Canadian grocers would be more forthcoming with the public about their plans to stabilize prices. Earlier this month, Champagne announced that major Canadian grocers — Loblaw, Metro, Empire, Walmart and Costco — submitted initial plans to the federal government for how they will stabilize prices in the face of high inflation. The Liberal government summoned the heads of the companies to meet in Ottawa last month, demanding they present such a plan by Thanksgiving or face

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Canadian Armed Forces to phase out old housing benefit over three years

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The facade of the headquarters of the Department of National Defence is pictured in Ottawa, on April 3, 2013. THE CANADIAN PRESS/Adrian Wyld Best CCTV Security Camera in Brampton OTTAWA – Canada’s military has created a new program to gradually phase out its old housing benefit after hearing feedback from members who were set to lose the payments. The Armed Forces announced plans in March to create a new housing allowance that is based on salary, rather than where a soldier is posted. It was estimated the move would make thousands of people eligible for the new allowance while cutting off thousands of others. The military said that would result in a savings of $30 million a year. In an update to members, the director general of compensation and benefits says an interim program will phase out the old benefit with decreasing payments until July 2026. Brig.-Gen. Virginia Tattersall says eligible members will be enrolled automatically and should get a lump-sum payment to cover the summer months sometime in the fall. The Canadian Armed Forces is rolling out a new housing benefit that a senior commander says will better help troops struggling to find affordable accommodations while saving millions of dollars every year. The Canadian Forces Housing Differential will supplement the incomes of members who have to live and work in areas of the country with high rental costs. That includes Canadian Forces Base Comox on Vancouver Island, where some members were recently told they could contact Habitat for Humanity if they were having trouble finding a place to live. The benefit is set to come into effect on July 1 and will replace an existing allowance called the post living differential, or PLD, that sought to offset the cost of living and working in particularly expensive communities. Unlike that allowance, whose rates have been frozen since 2009, the new housing benefit will be tied to salary to help those who need it most, said Brig.-Gen. Virginia Tattersall, the military’s director general of compensation and benefits. The result is that thousands of members who don’t currently qualify for the PLD allowance will start to receive the housing benefit, while thousands of others will see their PLD cash cut off — at a net savings of about $30 million per year. “This benefit is about us being equitable,” Tattersall said in an interview. “It is truly trying to look after those who need it the most. So hence why it is more the junior ranks that will benefit from this than it is the senior ranks.” She added the aim is to ensure no member is forced to spend more than between 25 per cent and 35 per cent of their monthly salary on rent. An outside company has been hired to assess average rental prices near bases. Online forums catering to military personnel are rife with stories and complaints from Armed Forces members about the lack of affordable housing near military bases where they are required to work. The problem is exacerbated by the cyclical nature of military postings, as troops are routinely forced to relocate from one part of the country to another due to operational demands and career progression. Younger and more junior members face an especially hard time in certain communities such as Comox, Victoria and Halifax, where housing is extremely limited or expensive. There is also a critical shortage of housing on bases, with thousands of military members and their families currently on wait-lists while promises to build new accommodations largely stuck in neutral. To ease the problem, the local base commander at CFB Esquimalt near Victoria has started letting new sailors live in their training quarters for months after their initial training is finished. The focus on housing rather than overall cost-of-living reflects the main cost disparity of living in different parts of the country, Tattersall said, unlike in the past when cost variances were far greater. “Cost of living per se is relatively equal across the country, the one thing that does stand out is that cost of housing, or that affordability of housing,” she said. “And so that’s why we’ve focused the benefit in on that issue, because that more seems to be the real challenge for our members.” Tying the new housing benefit to salary will ensure those who are really struggling get the help they need while cutting down on spending, she added. Armed Forces members living in military housing will also not qualify. The new housing benefit will cost about $150 million per year, compared to $180 million for the PLD allowance. “And so part of finding that sweet spot in terms of something that looked after members was also ensuring that we brought ourselves back within the envelope of funding that had been authorized,” she said. The military estimates that about 28,000 Armed Forces members will qualify for the new housing benefit, which represents about 6,300 more than currently receive the PLD. However, about 7,700 members who have been receiving the existing allowance will be cut off. While the military says most of those already live in military housing or have higher salaries, the move is likely to spark complaints. Best CCTV Camera in Brampton The Royal Canadian Navy’s Arctic and Offshore Patrol Ship HMCS Harry DeWolf docks in Victoria after arriving from Vancouver on Sunday, Oct. 3, 2021. THE CANADIAN PRESS/Darryl Dyck Home CCTV Camera in Brampton Canadian taxpayers will foot the bill for repairs to the engines on at least two of the Royal Canadian Navy’s brand-new Arctic patrol vessels because the one-year warranty on those vessels has expired. Defence Department deputy minister Bill Matthews delivered the news during an appearance before the House of Commons public accounts committee on Monday, shortly before the department reported the repairs will end up taking longer than expected. “The warranty on the AOPS (Arctic offshore patrol ships) is one year after in-service,” Matthews said. “You have two vessels that have exceeded that one-year point. So reading the warranty purely, that

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What is the economic cost of wildfire smoke?

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Best CCTV Security Camera in Brampton Air quality in Windsor, Ont., was among the worst in the world in late June, as wildfires raged in northeastern Canada and Quebec. Here, the Detroit skyline is barely visible through smoke and haze on June 29. (Dax Melmer/CBC) Best CCTV Camera in Brampton When tallying the economic toll of climate change, flooding tops the list in Canada. But the wildfire smoke that has blanketed many parts of North America this summer also comes with a financial cost. Wildfires release fine particulate matter known as PM2.5, which is made up of tiny particles 2.5 microns in diameter or less (that’s roughly 30 times smaller than the diameter of a human hair). Those particles can enter the lungs and bloodstream and are particularly harmful for those with pre-existing conditions. At the height of the haze in June, baseball games and Broadway shows were cancelled, schools closed and flights postponed. A growing body of research is trying to put a dollar figure on the larger economic fallout. A forthcoming paper in the Review of Economics and Statistics estimates that between 2007 and 2019, U.S. earnings were reduced by an average of $125 billion a year because of wildfires.  “Air quality matters for more than just health outcomes,” David Molitor, the study’s co-author and an associate professor of finance and economics at the University of Illinois, said in an interview. “It shows up in the statistics for economic productivity.” The researchers found smoke exposure can decrease income across a range of sectors, from manufacturing to farming to real estate, and that older workers and people of colour were disproportionately affected. The paper drew on satellite imagery of wildfire smoke, air quality records and labour market data in the U.S. “One of the things that really surprised me about wildfire smoke is that in the United States, the geography of wildfire smoke is very different from the geography of fires,” said Molitor. “It turns out that the Midwest U.S. experiences, on average, some of the highest number of days of smoke per year. We don’t have a lot of fires there, but just a lot of smoke.” Another study, published last month in the journal Science of the Total Environment, concluded smoke particulates from wildfires could ultimately lead to between 4,000 and 9,000 premature deaths in the U.S. and cost a staggering $36 billion to $82 billion a year in health care. Shuai Pan, the lead author, had previously looked at the effects of pollution from the transportation sector, but became interested in the consequences of wildfire smoke while doing his doctoral work in the U.S.  Epidemiological research suggests exposure to wildfire smoke is associated with increased mortality and certain common respiratory diseases, Pan said.  “It’s not news that wildfire causes air pollution that has an impact on human health, but we really wanted to provide some numbers,” said Pan, a postdoctoral researcher at Nanjing University of Information Science and Technology in China. For the study, Pan and his fellow researchers used satellite wildfire emission and air quality data gathered from 2012 to 2014 to create a model estimating how smoke from wildfires could impact human health and economies. For instance, Los Angeles — downwind from many of the fires in the western U.S. — may see 119 premature deaths annually, and $1.07 billion in financial burden, the study said. Those numbers would be far higher if the research had drawn on this summer’s smoky air, Pan said.  In the midst of Canada’s record wildfire season this year, Dave Sawyer, an environmental economist at the Climate Institute of Canada, tried to calculate the health cost of smoke in this country.  He figured that during a particularly smoky stretch from June 4 to 8, the estimated price tag of smoke-related health care alone was $1.28 billion. Sawyer said the economic toll of wildfire smoke is yet another reason to act on climate change.  In the meantime, Molitor said more research is needed on the most effective ways to reduce harmful exposure. “I think that’s where behavioural adjustments and adaptations have the potential to play a big role,” he said. “Putting air filtration in your home … or in offices or in public schools may go a long way to helping to reduce the effects.” Let me tell you an interesting story “My spouse and I were discussing our next vehicle. I suggested that by the time we need one, there will be (hopefully) more infrastructure for electric vehicles and buying an electric car would be a smart, and responsible, move. His comment was that in abandoning a gas-powered car, you’re just substituting for a natural gas power plant, i.e., swapping one source of emissions for another, and so you might as well go for the gasoline vehicle. “My response was that Canada’s electricity was 80 per cent renewables/hydro-electric and there was a fair chance the source of electrical power would not use fossil fuels. But in truth, in the Greater Toronto Area, I’m not sure what the real answer would be. “Do you know? Personally, I think it’s useful for anyone across Canada to know where the power that feeds into their homes comes from. Can you shed light?” Cheap CCTV Camera in Brampton Nishad Islam co-ordinates planting events at the Friends of the Rouge Watershed, and sees direct benefits for local residents near restored habitats. (Inayat Singh/CBC) Home CCTV Camera in Brampton Metals like cobalt, copper, nickel and manganese have been mined on land for years, but as the global energy transition gathers pace, there is a consensus that the terrestrial reserves of these minerals aren’t enough. Making things like electric car batteries and wind turbines will require many more “critical minerals.” For example, the International Energy Agency estimates the world will need 19 times more nickel by 2040 to meet its decarbonization targets. And so interest has turned to the critical minerals lurking deep in the ocean — specifically, in a remote region of the Pacific Ocean called the Clarion Clipperton Zone (CCZ). The company

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“India’s export ban on non-basmati rice triggers panic buying at Sask. grocery stores”

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Best CCTV Security Camera in Brampton Sriram Ramamurthy, Manager of Iqbal Halal Foods in Toronto, says customers have been stockpiling rice after India moved to ban export on non-basmati rice. (Nisha Patel/CBC) Best CCTV Camera in Brampton India’s decision to ban the export of non-basmati rice has led to consumers panic-buying and stockpiling Indian rice around the world, driving up prices in the process. In Canada, the U.S. and abroad, reports of panic-buying are flourishing on social media, with stores that cater to South Asian communities implementing caps on the amount that any customer can buy, and adjusting prices. Sriram Ramamurthy, the manager of Iqbal Halal Foods in Toronto, told CBC News in an interview Monday that he saw an immediate increase in demand for rice once word of the ban spread on Thursday of last week. “They started coming in here and they wanted to buy more and more,” he said. He soon implemented a limit of one bag per customer, but that quickly proved futile as customers would come back with more family members, “each one trying to pick two or three at a time.” Some customers would even approach other customers in line who were not buying rice, trying to get them to purchase it on their behalf, he said. Ramamurthy says he carries more than 40 different brands of rice in his store, mostly from India, but the majority of what he sells is basmati rice, a premium grade of rice that isn’t even included in the export ban. But that hasn’t stopped customers from trying to buy up every grain they can, of basmati and varieties included in the ban, just in case, he said. Siraj Mohammed said he heard about the ban, so decided to come “down to the grocery store expecting that this is not gonna be the case in Canada. But I guess the worst happened,” he said. He prefers one specific type of basmati rice, one that the store doesn’t have any more of right now. “Now I’m not going to be able to get my hands on it, I guess.” Ramamurthy says he hasn’t raised his prices yet, but he’s expecting his suppliers to soon. Stores that cater to the South Asian market elsewhere in Canada are reporting similar scenes, including Savor Supermarket in Saskatoon, where purchases are being limited. Stores in the U.S., Australia and elsewhere are also seeing unprecedented demand, Bloomberg and others reported Tuesday, although CBC News has not been able to independently verify the authenticity of videos showing hoarding and panic buying. India has taken the extraordinary step in order to ensure domestic supply, and bring down prices, which have soared due to excess rains and drought in rice-producing regions. According to government data, the domestic price of non-basmati rice has increased by almost 10 per cent this month. In September of last year, a metric tonne of non-basmati rice in India would cost about $330 US. Today it tops $450, according to pricing in the most-traded Indian rice futures contract. Cheap CCTV Camera in Brampton Stores have started to ration bags of rice after India’s move to ban imports prompted stockpiling. (Nisha Patel/CBC) Sophia Murphy, executive director for the Minneapolis-based Institute for Agriculture and Trade Policy, says rice is such a staple for India and its 1.2 billion people that the government manages supply closely. Unlike other food commodities, she says the global rice market is very domestically oriented, as less than 10 per cent of all the rice in the world ever crosses a border. Home CCTV Camera in Brampton Best CCTV Camera in Brampton While India is far and away the world’s largest exporter of rice, with more than 40 per cent of international trade in it, their primary concern is maintaining domestic supply, which is why they have had export bans in the past, she says. “If they ban or someway limit the exports, it should keep more production in the country and it should reduce the inflation pressure that is there on food prices,” she said. Canada imported about $650 million worth of rice last year, according to government data. Within that, about $140 million came from India — and only a tiny percentage of that is of the small- and medium-grain varieties of non-basmati rice that the ban applies to. Murphy says while supply of basmati may also be strained, the government did not move to ban exports since it is a more premium product. Local concern is on the other staple varieties, which is why the government used the dramatic step of halting exports. “Bans are easy to explain to the public,” she said, “we’re not selling food abroad, we’re looking after people at home. It’s often a pretty blunt — not necessarily very effective — instrument but it has domestic political capital associated with it.” India’s move to ensure domestic supply is the second major announcement from a major exporter this year, as in May Vietnam announced plans to limit its own exports to four million tonnes a year by 2030. That’s down from more than seven million tonnes a year right now, and it’s aimed at “ensuring domestic food security, protecting the environment and adapting to climate change,” the government said in a release. In recent years, India has emerged as one of the largest exporters of rice, a staple crop that feeds millions around the world. However, a significant shift occurred when the Indian government implemented a sudden ban on rice exports, leaving many nations, including Canada, struggling to cope with the repercussions. This article delves into the reasons behind India’s decision to ban rice exports and explores the far-reaching consequences it has had on the global rice market. From shortages in Canada to stockpiling on a global scale, the implications of this decision have reverberated through economies and food security networks worldwide. India’s agricultural sector plays a pivotal role in its economy, with rice being a crucial crop cultivated across vast regions. Over the years, India’s rice production has increased significantly, making it one of the leading exporters in the world. The country’s abundance

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“Mortgage Meltdown Alert: How Bank of Canada’s Record Tightening Campaign is Shaking Lenders’ Confidence”

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Bank of Canada Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers leave after holding a press conference at the Bank of Canada in Ottawa on Wednesday, July 12, 2023. THE CANADIAN PRESS/Sean Kilpatrick The Bank of Canada’s interest rate hike on Wednesday and prospects of more increases heighten risks to mortgage lenders as homeowners are likely stay in debt longer, struggling to make higher payments or pay even the interest portion of their home loans, investors and analysts said. After urging lenders to tackle risks from a sharp rise in borrowing costs, Canada’s main banking regulator, Office of the Superintendent of Financial Institutions (OSFI), on Tuesday proposed tougher capital rules for lenders to prevent consumers from defaulting or entering negative amortization. Negative amortization occurs when variable home loan customers’ monthly repayments are insufficient to cover the interest component of home loans. The excess amount gets added to the outstanding loan, lengthening the repayment period. “All of that is a realization that there is stress in the system,” said Greg Taylor, Chief Investment Officer of Purpose Investments. “There’s definitely more risk because anytime you hike you never know when it’s going to be the straw that breaks the camel’s back.” Unlike the U.S., where home buyers can snag a 30-year mortgage, Canadian borrowers must renew their mortgages every five years at the prevailing interest rates. On Wednesday, the central bank pushed back its expectations for getting inflation to its two per cent target by six months to mid-2025, a sign interest rates are likely to stay higher for longer. The cost of a floating rate mortgage has now increased by about 70 per cent from the loans since October 2021, when interest rates hit a record low and more than half of home buyers took out floating rate loans. Analysts estimate some C$331 billion in mortgages come up for renewal in 2024 and C$352 the following year, illustrating the enormity of refinancing challenge. Consumers are largely able to make their payments for now, thanks to strong employment. Also, consumers getting mortgages have been stress-tested for higher rates than their original mortgage. Latest data released during the quarterly earnings showed mortgage delinquencies for all banks were low. Of the big six banks in Canada, Bank of Nova Scotia and National Bank of Canada do not offer mortgage extensions, meaning the payment owed by the consumer goes up for each hike the BoC announces. The two banks will be key for any early signs of stress as borrowing costs rise further. Analysts also warned the two banks risk losing mortgage market share due as their products offer less flexibility. RBC and Scotiabank said it has been working with customers individually and reaching out to customers proactively in the current rising rate environment. National Bank did not offer a comment. Bank of Montreal, CIBC and TD Bank each allow for negative amortization as rates rise. More than three-quarters of people with variable-rate mortgages had already hit their trigger rate, according to Desjardins. Royal Bank of Canada, the country’s biggest bank, does not offer negative amortization but its variable rate mortgage customers have already seen an increase in payments by as much as 40% to cover higher interest rates, KBW analyst Mike Rizvanovic said. While the other three banks have fully insulated their borrowers until the mortgage is renewed. Canada’s banking regulator’s latest proposal to increase capital requirements puts “modest” challenges on CIBC depending on how much of the portfolio ultimately moves to a negative amortization, Rizvanovic said, adding that BMO and TD would face “a very manageable impact.” CIBC did not offer an immediate comment. Darcy Briggs, portfolio manager at Franklin Templeton Canada, said one of the key factors for “keeping persistent demand is mortgage forbearance.” “If your monthly payment doesn’t change, consumer behaviour doesn’t change so spending habits and patterns don’t change. So it is working counter to what the Bank of Canada is trying to accomplish,” Briggs added. (Reporting by Nivedita Balu in Toronto; Editing by Josie Kao and David Gregorio) In recent times, the Bank of Canada’s record tightening campaign has sent shockwaves through the mortgage market, causing lenders to question their confidence in the face of increasing challenges. This article delves into the profound impact of the Bank of Canada’s actions, examining how the tightening measures are unsettling lenders and reverberating throughout the industry. With interest rates rising and stricter lending criteria being enforced, the mortgage landscape is undergoing a significant transformation, leaving lenders and borrowers grappling with uncertainty. The Bank of Canada’s aggressive tightening campaign has left lenders feeling uneasy as they navigate uncharted territory. Historically low interest rates had fueled a surge in lending and borrowing, with lenders taking on greater risks to accommodate the increased demand. However, as the central bank tightens monetary policy to curb inflation and stabilize the economy, lenders are being forced to reassess their lending practices and risk appetite. One of the main challenges faced by lenders is the reduction in affordability for borrowers. As interest rates rise, the cost of borrowing increases, making it more difficult for potential homeowners to qualify for mortgages and afford the monthly payments. This tightening of affordability has a direct impact on lenders’ ability to generate new business and maintain profitability. Lenders now face the dilemma of finding a balance between responsible lending and ensuring their own sustainability. Furthermore, the stricter lending criteria imposed by the Bank of Canada have led to a decline in mortgage approvals. Borrowers who would have previously qualified for a mortgage may now find themselves ineligible under the tightened regulations. This decline in mortgage approvals not only affects lenders’ revenue streams but also has broader implications for the real estate market and the economy as a whole. The ripple effect of the Bank of Canada’s tightening campaign is evident in the rising number of mortgage delinquencies. As borrowers face increased financial strain due to rising interest rates and reduced affordability, some are struggling to meet their mortgage obligations. This uptick in delinquencies puts additional pressure on lenders, who must now manage the risks associated with higher default rates and potential losses. In response to the shifting landscape, lenders are reevaluating their risk management strategies and recalibrating their lending

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