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5 Things to Know Today: Canada’s Money Headlines

1. Bank of Canada expected to hold rates amid Iran‑war price pressures The Bank of Canada is preparing its next rate decision, with policymakers weighing inflation risks tied to the Iran conflict. Markets expect a hold as the Bank releases its new monetary policy report this week.  2. Oil & energy costs rise as global uncertainty persists Oil prices climbed more than US$2.50 as geopolitical tensions continue to influence global supply expectations. Canadian producers are also facing scrutiny, including Cenovus’s Newfoundland oilfield extension, which is projected to increase emissions by 21%. 3. Inflation pressures remain elevated for Canadian households Canada’s annual inflation rate rose to 2.4% in March , driven largely by higher gas prices. Rising costs continue to squeeze consumers, with food and essentials remaining stubbornly expensive.  4. Retail sales slow as Canadians pull back New data shows retail sales growth is losing momentum as households tighten bu...
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Canada Post Strike Disrupts Black Friday Sales and Holiday Shipments

 

The ongoing Canada Post strike has significantly disrupted Black Friday sales and holiday shipments, causing frustration among businesses and consumers alike. The strike, which began on November 15, 2024, has now entered its third week, with over 55,000 postal workers demanding improved wages and job security.

The timing of the strike couldn't be worse, as the period leading up to Black Friday and the holiday season is typically the busiest time of the year for Canada Post. The Crown corporation has reported missing out on delivering approximately 10 million parcels since the strike began. This has forced many small businesses to seek alternative, often more expensive, shipping options.

Retail analyst Bruce Winder noted that while larger retailers with their own logistics networks are less affected, small businesses are bearing the brunt of the strike. "The price increase from Canada Post to couriers is significant, and most small businesses can't afford to absorb these costs," Winder said.

Dan Kelly, president of the Canadian Federation of Independent Business (CFIB), added that some small businesses might take a loss this season just to get goods out the door and avoid inventory pileups in the new year. "If we don't have the strike resolved this week, most merchants are not going to be able to use Canada Post as a reliable delivery service," Kelly warned.

Even if the strike is resolved soon, it will likely take weeks for Canada Post to clear the backlog of unsent items and catch up with the demand. This means that many holiday packages may not arrive until after Christmas, causing further inconvenience for consumers and businesses.

The strike has also highlighted the vulnerability of rural and remote communities that rely solely on Canada Post for their mail delivery. "Everyone saying we don't need Canada Post obviously doesn't live in a rural area that couriers don't come to," one consumer commented online.

As negotiations between Canada Post and the union continue, businesses and consumers are left hoping for a swift resolution to minimize the impact on the holiday season.



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