Canada & World

The research institute says if the central bank aims to bring inflation down from 7.7 per cent to its two per cent target by quickly raising rates, it could cause significant "collateral damage," including 850,000 job losses.

Central bank says businesses' expectations for near-term inflation have increased, and firms expect inflation to be high for longer than they did in the previous survey.

Air Canada is cutting more than 15 per cent of its scheduled flights in July and August as airports face lengthy delays and cancellations amid an overwhelming travel resurgence.

Ng paid tribute to First Nations' businesses and said support would be offered by the government to help these companies, including those from Nunavut and remote communities, access international markets.

The agency said its consumer price index in May rose 7.7 per cent compared with a year ago, its largest increase since January 1983 when it gained 8.2 per cent and up from a 6.8 per cent increase in April this year.

The research released today indicates that experience and education – once crucial to many positions – are becoming less important amid labour shortages.

The combination of a fiercely competitive job market and the still-rising cost of living will likely lead to more companies boosting employee pay this year, experts say.

The federal government is banning companies from importing or making plastic bags and takeout containers by the end of this year, from selling them by the end of next year and from exporting them by the end of 2025.

Governments have been loosening COVID-19 restrictions, with Ottawa allowing airline and railway workers as well as passengers to climb on board without being jabbed starting Monday.

The U.S. bank authority announced the Wednesday move will shift the country's benchmark rate to a range between 1.5 per cent and 1.75 per cent as it tries to tame soaring inflation.