Manitoba continues to see inflation rate drop, experts say there's still a ways to go
The latest inflation numbers are out from Statistics Canada and the Consumer Price Index shows inflation continues to slow throughout Canada, including in Manitoba.
February 2023's inflation rate came in at 5.2 per cent in Canada, while in Manitoba the number sits at 6.4 per cent.
Both have dropped since January – 5.6 in Canada and 6.9 in Manitoba – sticking with a trend that started in the back half of 2022.
"I think that that's obviously a good sign for both Manitobans and Manitoba businesses, is that it seems like the majority of the pressures that we felt as a result of inflation with those cost pressures is behind us," said Chuck Davidson, the president and CEO of the Manitoba Chambers of Commerce.
Davidson said the hope is this decrease will continue and it will lead to prices in the province flattening out.
"So I think what this really will start to do is restore confidence for Manitobans that have taken on increased debt, and so have businesses over the course of the last number of years as well, to put them to a more stable position."
Loren Remillard, the president and CEO of the Winnipeg Chamber of Commerce, said while the number in Manitoba is still high – the third highest in Canada – the situation is trending in the right direction.
"Every time we've spoken with our members, surveyed our members, inflation is amongst the top three concerns and challenges that they're facing," said Remillard. "But for now, everything seems to be trending in the right direction, which would give an indication that perhaps we've peaked and we can start making some plans for a time when we won't be in this level of inflation."
COULD PRICES DROP AT THE GROCERY STORE?
As inflation has skyrocketed since the pandemic, so has the price of everyday goods in Manitoba, such as food at the grocery store.
Michael Mikulak, the executive director of Food and Beverage Manitoba, said it's hard to say if prices will drop for food items the same way the price of oil and gas climbs and falls with inflationary changes.
"I think it's highly dependent on what drops. Will the cost of oil come down? Will other things? I mean, there could be a lag. It really depends on what position a lot of these companies were in coming into it, where they were able to position themselves," said Mikulak.
"I don't think there is a simple answer to when food prices will stabilize, or come down. I'm not sure if they will come down substantially. I mean, I think at this point, everybody's hopeful that they will start to stabilize."
He noted the food industry is impacted by so many other factors, pointing to the war in Ukraine, the COVID-19 pandemic and even climate change.
Mikulak added food producers that he has talked to say they have been trying to pass on the savings to Manitobans wherever it is possible.
"Just know that the food and beverage manufacturers across this country are working hard to keep those costs at bay and really to pass on any savings that they're able to. The margins in this sector are extremely small, most are operating in single digits. So this is not a sort of attempt to make a buck off of this."
WHAT IS A STABLE INFLATIONARY NUMBER MANITOBANS SHOULD LOOK FOR?
Both Remillard and Davidson said there is still a ways to go before inflation is viewed as stable in the province.
"I think it'd be similar to what we're expecting with the Bank of Canada and I think the Bank of Canada set inflationary rates of two per cent. So we're still a ways from that point, but I think all signs seem to be that we're heading in that direction," said Davidson.
The two per cent mark is a number that Remillard said Manitobans have learned to live with.
"We felt that it created the appropriate level of growth, but didn't create undue pressures in the system, you know runaway costs, runaway pressures, which we've seen in other countries where you see hyperinflation," said Remillard.
"I think at the end of the day, the perfect number for any Manitoban is one that allows me to be able to plan with confidence and that I can make sure that I'm maximizing my discretionary spending, make all my bills that I need to pay and have a little left over to enjoy, you know, the full quality of life that people want."
Winnipeg Top Stories
CTVNews.ca Top Stories
Hundreds of American firefighters arrive in Canada to help battle wildfires
Hundreds of American firefighters have recently arrived in Canada to help battle wildfires and more are on the way, Prime Minister Justin Trudeau said Wednesday.
Can face masks help protect you from wildfire smoke? Health expert explains
An official recommendation to wear a mask to protect yourself from wildfire smoke is being echoed by health experts as plumes of smoke make their way across parts of Canada, causing poor air quality.
Here's how major cities in Canada and the U.S. look blanketed by wildfire smoke
Photos show smoke-filled skies in cities across Canada and the U.S. as air quality warnings were issued in wake of the hundreds of wildfires from Quebec and Ontario.
'Very, very hard to breathe': Experts call wildfires a 'major public health concern' for Canada
As forest fires rage across the country, experts are sounding the alarm over the physical and psychological impacts of the wildfires and saying that they pose a serious public health issue, which individuals and governments need to acknowledge and act upon.
WATCH | Rate hike 'may be the last straw' for some homeowners: mortgage broker
With the latest hike bringing Canada's key interest rates to levels not seen since 2001, one mortgage broker is warning that it may be 'the last straw' for some homeowners with variable mortgages.
Canadians more likely to support foreign interference inquiry than hearings: Nanos
Canadians are twice as likely to support a formal inquiry into foreign interference, as opposed to public hearings, according to new polling from Nanos Research for CTV News.
opinion | Eight takeaways from Prince Harry's seven hours on the witness stand
It's been a busy, tumultuous few days for Prince Harry, the Duke of Sussex as he took his place on the witness stand in his trial against the Mirror Group Newspapers. Here are royal commentator Afua Hagan's top takeaways from his two-day grilling.
Calgary mass killer Matthew de Grood seeks 'absolute discharge'
The man who was found not criminally responsible in the stabbing deaths of five people at a house party in Brentwood more than nine years ago is seeking more freedoms.
Trudeau shows no interest in compromising with Meta, Google over online news bill
Prime Minister Justin Trudeau is showing no interest in compromising with Meta and Google over a Liberal bill that would make them pay for Canadian journalism that helps the companies generate revenue.
Future uncertain for residents of bulldozed Regina homeless camp
The dwellings of around a dozen Regina residents experiencing homelessness were bulldozed after calls from the property owner.
Less than 50% of Indigenous students graduate from provincial schools, report says
Indigenous graduation rates are sliding in the province, according to Saskatchewan’s provincial auditor.
Regina city council asks for debt limit increase
Regina city council has asked its administration to pursue permission from the Saskatchewan Municipal Board (SMB) to increase its debt limit to $780 million.
Saskatoon property taxes could see 13 per cent hike as city confronts $75M revenue gap
Significant property tax hikes may be needed to cover a funding shortfall, according to City of Saskatoon administration.
Saskatoon builder looking to flip abandoned homes to first time buyers
A Saskatoon man wants to play matchmaker for the unloved homes in the city.
Latest season of survivalist series 'Alone' filmed in Sask., set to premiere June 8
The rugged wilderness of northern Saskatchewan was host to survivalists from all walks of life, vying to win the top prize of the popular series 'Alone.'
Wildfire west of Sudbury prompts evacuation order, total active fires in northern Ont. grows to 54
A northern Ontario forest fire that started west of Sudbury on Sunday morning has grown to more than 1,000 hectares and has prompted officials to issue an evacuation order for the immediate area as the number of active fires in the region grows.
Spreading wildfires prompt northeastern communities to evacuate
Communities affected by wildfires in the region are evacuating for safety reasons. The province says there is significant danger as several out-of-control wildfires affect air quality and physical safety.
‘Incompetent’ northern Ont. doctor loses his license to practise medicine
A northern Ontario doctor has been stripped of his medical licence for conduct described as “disgraceful, dishonourable or unprofessional.”
Albertans asked to conserve electricity Wednesday evening due to hot temperatures
Hot temperatures across Alberta prompted a grid alert Wednesday afternoon.
'A long time coming': Edmonton Catholics commit $3.2M to Indigenous reconciliation fund
The Archdiocese of Edmonton will spend $3.2 million on reconciliation initiatives with First Nations, Métis and Inuit people in the Alberta capital region.
'Major travel delays': Anthony Henday Drive bridge will be closed this weekend
Drivers are being asked to find another way or prepare for delays on the Henday this weekend, because crews need to close a bridge over the North Saskatchewan River.
consumer, | Toronto woman 'horrified' after losing $95,000 to romance scam
Romance scams have always been around, but they got worse during the pandemic, and fraudsters continue to use social media and dating sites to find victims.
Number of Ontario forest fires doubled compared to same time last year
Ontario has already experienced double the number of forest fires this year compared to the same six months in 2022.
Alleged Toronto anti-cyclist road rage incident caught on camera
Toronto police are investigating an incident of alleged road rage against a cyclist that was caught on camera.
Council reconsiders decision to reject recommendations on affordability crisis
Calgary city council has reconsidered its decision to vote against recommendations made by an expert panel to address the city’s housing affordability crisis.
Man on mobility scooter hit by truck in northeast Calgary intersection
Police say a man on a mobility scooter has life-altering injuries after he was struck by a vehicle in a northeast Calgary intersection on Wednesday evening.
Hot, dry weather comes with cautions and a few benefits
Calgary was under a heat warning Wednesday with forecast high of 29C.
Ontario man charged with first-degree murder in killing of Claudia Iacono outside Montreal salon
An Ontario man has been charged with first-degree murder in the death of Claudia Iacono, the daughter-in-law of Mafia associate Moreno Gallo, after she was gunned down at the wheel of her car in Montreal last month.
Woman, 55, dies after vehicle strikes 2 pedestrians in Cote-des-Neiges; second pedestrian seriously injured
A pedestrian has died after she and a fellow pedestrian were both hit by a vehicle Wednesday afternoon in Montreal's Cote-des-Neiges neighbourhood.
More evacuations in Quebec as record-breaking fires continue to burn
Quebec's wildfire season, which has forced thousands from their homes and left other communities on high alert, is the worst on record, officials said Wednesday,
NEW THIS MORNING
NEW THIS MORNING | Year-over-year home sales in Ottawa up 6 per cent in May
The Ottawa Real Estate Board says home sales were up six per cent in May 2023 compared to a year prior, marking the first year-over-year unit sales volume increase since early last year.
Special Air Quality Statement
Special Air Quality Statement | Wildfire smoke blankets Ottawa for a third day
Environment Canada has issued a special air quality statement for Ottawa, with the air quality at 10+ "very high risk" Wednesday morning. Conditions improved in the afternoon.
Plug-in air purifier blamed for row house fire in Craig Henry area
The Ottawa Fire Service says a plug-in air purifier is to blame for a fire on Craig Henry Drive Tuesday.
'This is not helping': Frustrated evacuees say official communication lacking in wildfire recovery
Frustration is building among some people from neighbourhoods hardest-hit by the fires near Halifax. CTV's Heidi Petracek reports.
Irving Oil weighing its options, including the possible sale of its assets
Irving Oil says it’s undertaking a “strategic review” with an eye to its future. In a release Wednesday, the company says it’s looking at a number of options, including the sale of its assets.
Halifax support workers strike impacting students and families
The father of disabled teen from Fall River, N.S. is calling on all sides to get back to the bargaining table and put an end to the Halifax area CUPE educational support worker strike.
Poor air quality in Waterloo region and Guelph will continue into the weekend: Environment Canada
There's high levels of air pollution in Waterloo region and Wellington County as smoke plumes from wildfires burning in Quebec and northeastern Ontario continue to blow into the region, Environment Canada says.
Six Region of Waterloo councillors announce support for amalgamation
One unified city – that’s what six Region of Waterloo councillors say they want when it comes to the future of the region’s municipal governance.
Habitat for Humanity nears completion of new affordable housing units
The work never stops at Habitat for Humanity when it comes to building affordable homes for families in Waterloo region.
Out-of-control wildfire on Lower Mainland sees massive growth
A human-caused wildfire on the Lower Mainland has grown to an estimated 800 hectares and continues to burn out of control Wednesday, according to the BC Wildfire Service.
'You don't listen to renters': Vancouver Tenants Union disrupts housing announcement
Rental housing advocates interrupted an announcement by B.C.'s housing minister in Vancouver Wednesday morning to object to the provincial government's response to the affordability crisis.
Vancouver voice actors concerned about AI cloning voices without consent
Advances in artificial intelligence means software can generate accurate voice clones that sound just like the real thing, but that's putting some actors in a precarious position, including Vancouver's Bill Newton.
Extended highway closure expected due to wildfire near Port Alberni
There's no end in sight for the closure of Highway 4 on Vancouver Island – the only highway leading to the communities of Port Alberni, Tofino and Ucluelet – due to a wildfire burning in the area.
Busload of B.C. students stranded by wildfire spend the night inside Vancouver Island high school
A busload of high school students were finally heading home to Nanaimo on Wednesday after they were stranded by a raging wildfire that forced them to spend the night inside a Port Alberni high school.
Speed and alcohol likely factors in fatal Nanaimo crash
A 33-year-old man from Nanaimo is dead after a single-vehicle crash south of the city Tuesday.