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Canada’s Inflation Rebounds to 2.4% in December After Tax Holiday Effect Fades

Food prices were expected to rise on a year-over-year basis because December 2024 restaurant prices had been lowered by the temporary GST holiday that ended in early 2025.  Canada’s annual inflation rate accelerated to 2.4% in December , coming in hotter than economists expected and marking a noticeable uptick from November’s 2.2%. The increase was driven largely by a “base‑year effect” tied to last year’s temporary federal GST/HST holiday, which had artificially lowered prices during the same period a year earlier. With those discounts no longer part of the comparison, categories such as restaurant meals, alcohol, and children’s goods appeared more expensive on a year‑over‑year basis, pushing the headline inflation figure higher. Despite the jump, underlying price pressures continued to ease. Key core inflation measures — which strip out volatile items — cooled for the third straight month, suggesting that broader inflation momentum is still slowing. Month‑to‑month, consumer pr...
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Top Polluting Cities Revealed at COP29 Amid Growing Frustration Over Fossil Fuels

 

At the COP29 summit in Baku, Azerbaijan, new data has highlighted the world’s most polluting cities, sparking increased frustration over the persistent presence of fossil fuels. According to Climate Trace, a database co-founded by former U.S. Vice President Al Gore, cities in Asia and the United States are the largest emitters of greenhouse gases.

Shanghai tops the list, emitting 256 million metric tons of greenhouse gases annually, followed closely by Tokyo with 250 million metric tons. New York City and Houston also rank high, with emissions of 160 million and 150 million metric tons, respectively. These figures are staggering, considering that some of these cities’ emissions surpass those of entire countries like Colombia and Norway.

The data, which combines satellite and ground observations with artificial intelligence, underscores the urgent need for effective climate action. Activists and climate officials at the summit expressed their frustration with the slow progress in reducing fossil fuel use and the influence of fossil fuel companies on climate policies.

As the world grapples with the escalating climate crisis, the revelations at COP29 serve as a stark reminder of the critical need for global cooperation and decisive action to curb emissions and transition to sustainable energy sources.


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