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Toronto Highrise Fire Leaves Hundreds Without Homes Amid Uncertain Timeline

Fire crews are still on scene of a blaze in two connected apartment buildings in Thorncliffe Park but it's not extinguished yet. Residents of two Toronto apartment towers remain displaced after a stubborn and complex fire forced the evacuation of hundreds of units late last week. Fire crews have been battling the blaze at 11 Thorncliffe Park Drive and 21 Overlea Boulevard since Thursday, but officials say there is still no timeline for when residents will be able to return. The fire, described by Toronto Fire Chief Jim Jessop as one of the most complex incidents in the city’s history , has proven difficult to extinguish because it is burning inside insulation trapped between the walls of the two highrise buildings. At its peak, crews detected dangerously high levels of carbon monoxide , prompting the evacuation of all 378–408 units across the towers. Thankfully, no injuries have been reported. Acting Division Commander Robert Hewson noted that firefighters have been “actively...
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U.S. Consumer Prices Rise in October, Slowing Progress Toward Low Inflation

 

U.S. consumer prices increased as anticipated in October, reflecting a continued but modest rise in inflation. According to the latest data from the Labor Department, the Consumer Price Index (CPI) rose by 0.2% for the fourth consecutive month. Over the past year, the CPI has advanced by 2.6%, up from 2.4% in September.

The core CPI, which excludes volatile food and energy prices, also saw a 0.3% increase in October, maintaining the same pace for the third month in a row. Annually, the core CPI has risen by 3.3%.

Economists had predicted these figures, indicating that while inflation is not accelerating, the progress toward achieving the Federal Reserve’s target of 2% inflation has slowed. This trend suggests that the Federal Reserve may be less inclined to implement further interest rate cuts in the near future.

The slight uptick in inflation is partly attributed to rising shelter costs, which accounted for more than half of the overall increase in prices. Despite the modest gains, the inflation rate remains significantly lower than the peak of 9.1% seen in June 2022.

As the Federal Reserve continues to monitor these developments, the economic outlook remains cautious, with potential implications for future monetary policy decisions.


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