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New Diplomacy on the Horizon: U.S. and Russia Push Ahead Without Ukraine

  In a bold shift from previous diplomatic efforts, top U.S. and Russian officials have agreed to advance negotiations aimed at ending the war in Ukraine—even as Ukrainian representatives remain notably absent. High-level talks held in Riyadh, Saudi Arabia, saw U.S. Secretary of State Marco Rubio and Russian Foreign Minister Sergey Lavrov discussing the framework for future peace negotiations and steps toward restoring bilateral relations. The Trump administration’s approach, which prioritizes direct engagement with Moscow, marks a departure from longstanding principles that insisted on “nothing about Ukraine without Ukraine.” Critics in Kyiv have voiced strong opposition. Ukrainian President Volodymyr Zelenskyy warned that any agreement reached without Ukraine’s participation would be unacceptable and would undermine the nation’s sovereignty. European leaders echoed these concerns, with several officials labeling the move as a dangerous precedent that could lead to a “dirty deal...

Canada’s Inflation Steady in November


Canada's annual inflation rate eased to 3.1% in November, down from 3.8% in October, as lower gas prices offset higher costs for food, rent and mortgage interest, according to Statistics Canada .

Gasoline prices fell by 6.4% in November compared to October, and by 7.8% compared to November 2020. Excluding gasoline, the inflation rate would have been 3.6% in November.

Food prices rose by 5.4% year-over-year in November, slightly slower than the 5.8% increase in October. However, consumers still paid more than 20% more for a basket of groceries relative to three years ago.

Other major contributors to the inflation rate were rent, which increased by 4.4%, and mortgage interest costs, which jumped by 16.9%. Prices for travel tours also accelerated by 18.7%, reflecting the recovery in demand for travel services.

The Bank of Canada, which targets an inflation rate of 2%, has raised its key interest rate three times this year to cool down the economy and inflation pressures. The central bank is expected to keep rates unchanged at 5% at its next meeting on Dec. 6.

Two of the bank's core inflation measures, which exclude more volatile items, also moderated in November, averaging 3.6%, down from an upwardly revised 3.8% in October. Another measure, a three-month moving average of underlying price pressures, dropped to an annualized pace of 2.96%, from 3.67% in October.

Some economists said the inflation data could signal a turning point for price pressures and open the door for interest rate cuts in the first half of 2024. Others said the inflation rate could remain elevated for longer due to supply chain disruptions and labour shortages.

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