MID-DAY: Inflation inches slightly higher in Canada; oil continues slump following Trump threats
Canada’s inflation rate is up slightly because of gas and air transportation costs.
The rate inched higher by 0.1 to 2.3 per cent in March as gas prices began to soar across the country. Experts say inflation is still well within the Bank of Canada’s Goldilocks zone for the economy, which falls in line with a decision to keep the interest rate at 1.25 per cent.
On Bay Street, the TSX is up to 15,478 and across the border the Dow is sliding to 24,610.
Oil prices are taking a hit as Donald Trump took to Twitter to attack OPEC, the body overseeing crude production worldwide. The President accused OPEC of artificial price increases by controlling output of oil and he threatened retaliation. The price of crude is slumping to 67.86.
The Loonie has also been pressured by the drop in oil, falling to 78.43 cents US.