Hello,
Canada’s inflation rate ticked higher in March, but an easing of other price pressures underscored the potential for the Bank of Canada to lower interest rates in June.
The consumer price index rose 2.9 per cent in March from a year earlier, up from 2.8 per cent in February, Statistics Canada said today in a report. This result matched expectations on Bay Street and was partly owing to a 4.9-per-cent increase in gas prices, month over month.
Elsewhere, there were encouraging signs. On a three-month annualized basis, the Bank of Canada’s preferred measures of core inflation – which strip out volatile movements in the CPI – are running below 1.5 per cent.
Full story here by Economics Reporter Matt Lundy.
Federal budget: Chrystia Freeland will be presenting a federal budget at 4 p.m. ET today that will make tax changes to raise more revenue from wealthy Canadians and some corporations. Check The Globe and Mail for updates.
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TODAY'S HEADLINES
Manitoba Progressive Conservatives to elect new leader in April, 2025: The party is choosing a replacement for former premier Heather Stefanson, who stepped down earlier this year.
Quebec court approves class action alleging opioid makers misled users about risks: The class action includes everyone in Quebec who was diagnosed with opioid use disorder after being prescribed opioid medications made by the pharmaceutical companies between 1996 and the present.
University of Alberta under fire for not acting on over $1-million in donations linked to Waffen-SS unit: Critics fear the university is stalling after promising in October to review financial endowments.
Liberal MP criticizes treatment of Indigenous Atlantic fishermen by DFO officers: Jaime Battiste, who is Mi’kmaq, says he is horrified by the unacceptable behaviour of fisheries and conservation officers, calling them “negligent of their duty of care for these young men.”
Ontario reaches deal with Ottawa on Highway 413, clearing way for controversial project to proceed: The two governments announced they had signed a memorandum of understanding on the planned highway, which is to arc through protected Greenbelt lands northwest of Toronto and cost billions of dollars.
Scientists fired from Winnipeg lab still under investigation, Public Safety Minister says: Dominic LeBlanc, in testimony before a House of Commons committee on Monday night, said he could not provide further information on the state of the national-security investigation.
Ottawa must regulate private nursing agencies, N.B. health network says: The leaders of a New Brunswick health authority are calling on the federal government to regulate private nursing agencies, after incurring a $98-million budget shortfall they attribute mostly to what they say are unfair and costly contracts with a Toronto staffing company.
Opposition calls intensify for Newfoundland and Labrador Justice Minister to resign over comments about sexual assault survivors: CBC reports that John Hogan is under for saying it was “impossible” for lawyers to retraumatize survivors of sexual assault in the province’s justice system.
Saskatchewan Finance Minister apologizes for text to Speaker: In the text, Donna Harpauer accused Speaker Randy Weekes of letting the legislature devolve into an “Opposition puppet show.”
Gravy prompts police response at Ontario legislature: A suspicious package delivered to Queen’s Park on Thursday was determined by an officer with the police explosives unit to be a package of powdered gravy, CP24 reports.
Ottawa barber shop located steps away from Parliament Hill marks 100 years in business: Victoria Barber Shop, a popular stop for MPs across the street from the Commons, this year is marking a century in operation, says CTV.
TODAY’S POLITICAL QUOTES
“For the love of God, Justin Trudeau, you are not worth the cost so today will you please stop; stop until Common Sense Conservatives can start governing with Commons Sense.” - Federal Conservative Leader Pierre Poilievre, in a news conference on Parliament Hill, denouncing the federal budget before its release.
“Importantly though, measures of core inflation did tick down again and that does suggest that underlying inflationary pressures are continuing to ease. So we continue to be moving in the right direction.” - Bank of Canada Governor Tiff Macklem, on today’s inflation update, speaking to a forum in Washington convened by the Wilson Center.
THIS AND THAT
Today in the Commons: Projected Order of Business at the House of Commons, April. 15, accessible here.
Deputy Prime Minister’s Day: After attending the weekly cabinet meeting, Chrystia Freeland held an embargoed news conference on the federal budget, then, in late afternoon, joined Prime Minister Justin Trudeau for a budget photo opportunity before presenting the budget in the House of Commons.
Ministers on the Road: Foreign Affairs Minister Mélanie Joly is in Rome, ahead of the G7 foreign ministers’ meeting on the Italian island of Capri, beginning Wednesday. Today Joly is meeting with her Italian counterpart Antonio Tajani as well as Cardinal Pietro Parolin, secretary of state for the Holy See, and Archbishop Paul Richard Gallagher, secretary for relations with states for the Holy See.
Bank of Canada Governor in Washington: Tiff Macklem, appearing alongside U.S. Federal Reserve Chair Jerome Powell, spoke at the Wilson Center’s Washington Forum on the Canadian Economy on the sidelines of the spring meetings of the International Monetary Fund-World Bank.
PRIME MINISTER’S DAY
Justin Trudeau chaired the weekly cabinet meeting, participated in a photo opportunity on the federal budget with Finance Minister Chrystia Freeland and attended Freeland’s budget speech.
LEADERS
Bloc Québécois Leader Yves-François Blanchet is scheduled to hold a news conference at the House of Commons to react to the release of the federal budget.
Conservative Leader Pierre Poilievre held a news conference on Parliament Hill ahead of the release of the federal budget.
Green Party Leader Elizabeth May, with deputy party leader Jonathan Pedneault and MP Mike Morrice are scheduled to take questions from the media on the federal budget, and to join members of the Coalition for Healthy School Food for an event.
NDP Leader Jagmeet Singh is scheduled to hold a news conference at the House of Commons to react to the federal budget.
THE DECIBEL
On today’s edition of The Globe and Mail podcast, health reporter Kelly Grant discusses a new drug approved in the United States and being tested in Canada to see if it can delay or slow the progression of Alzheimer’s symptoms. The Decibel is here.
PUBLIC OPINION
Continued Conservative lead: New Nanos Research polling says the federal Conservatives have a 16-point advantage over the Liberals, and that Conservative Leader Pierre Poilievre leads Prime Minister Justin Trudeau by 14 points on tracking for a preferred prime minister.
OPINION - THE FEDERAL BUDGET
The Liberal marketing road show meets the price tag reveal
“The target audience is young people and like a pair of Instagram influencers, Justin Trudeau and Chrystia Freeland have treated them to a series of unboxing videos to show off shiny new products. One day it was a renter’s bill of rights, the next it was $1-billion for school lunches, then a $6-billion infrastructure fund. There was $15-billion in construction loans for apartment buildings and $1-billion in loans for child care. And the Liberals squeezed a multibillion-dollar defence policy update in there, too. On Tuesday, the trick will be packing all those things back into the box – a smaller box than you might guess.” - Campbell Clark.
Is the Trudeau government overselling how much housing it can build? Yes
“John’s doctor just told him that he has high blood pressure, is seriously overweight and is on the verge of becoming a diabetic. This was not his first warning. In response, John finally decided to do something. He promised to stop smoking. He promised to cut out junk food. He promised to eat more vegetables. And he drew up an exercise program, with a schedule of workouts mapped out to 2030. He also proudly announced that, as a result of these changes, he’ll be winning the gold medal in the marathon at the 2028 Olympics. That’s how I see the Trudeau government’s housing plan, which was released piece by piece in advance of Tuesday’s federal budget.” - Tony Keller.
Beware, Ottawa: Look what austerity and deficit fetishism did to Britain
“During national budget deliberations we often encounter a familiar narrative decrying the size of the deficit, lamenting the national debt and warning against passing the burden of debt to future generations. Deficit hawks propagate this political storyline, insisting that the government must eliminate operating deficits and curb the accumulation of debt, claiming this is necessary to improve domestic economic conditions. The federal government’s budget released on Tuesday must keep in mind that this oversimplified narrative of complex economic realities by deficit hawks promotes misguided policies that have disastrous outcomes. Take Britain as an example.” -Johnna Montgomerie
OPINION
Drug decriminalization is not to blame for all of our social woes
“Decriminalization is taking a beating in the court of public opinion. Oregon has rolled back it’s high-profile initiative and recriminalized drug possession. And the B.C. decriminalization pilot project is being blamed for all manner of social ills. Yet, decriminalization remains a sound public policy. It makes no sense to arrest, prosecute and imprison people for possessing small quantities of drugs that they put into their own bodies. But we need to be clear about what decriminalization is – and isn’t.” - André Picard
Keep your eyes open for signs of an early election call in Ontario
“I’m not a particularly suspicious person. However, one can’t help but see some things happening out there that strongly point to Ontario Premier Doug Ford calling an election for well before that June date in 2026. I know what you’re thinking: Didn’t you just tell us that the date is fixed in law to prevent a premier from gaming the system to his own advantage? I did. But if you read the fine print of the fixed-election-date law, you’ll also see loopholes big enough to drive a Mack truck through.” - Steve Paikin, TVO
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Ian Bailey