Canada's Inflation Holds Steady While Population and Electric Vehicle Plans Accelerate
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Canada's inflation rate held steady at 3.1% in November, defying expectations it would fall. Higher prices for travel tours offset declining costs for food, energy, and cell services.
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Markets still expect the Bank of Canada to start cutting interest rates in 2024, though the unchanged inflation rate caused some to trim expectations of rate cuts.
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Canada saw record population growth of over 430,000 people in Q3 2022, the fastest pace since 1957. It was fueled by immigration and international students returning.
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Environment Minister Steven Guilbeault outlined a plan to phase in electric vehicle sales mandates, requiring 20% of auto sales be EVs by 2026, rising to 100% by 2035.
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Google agreed to pay $700 million to settle allegations it stifled competition in the Android app store market, echoing issues in an ongoing trial over its app store dominance.