Cannabis Consumption Spaces Now Permitted in BC. Are Indoor Consumption Lounges Next?
March 15, 2024
Do Your Bar or Pub Employees Protect Your Liquor License? A bar consultant explains why they should
March 25, 2024
In January, Canada’s CPI was 2.9% – the first time in seven months that the rate was below 3%. The rate of CPI increase also slowed in 9 provinces. Statistics Canada released the January 2024 CPI numbers on February 20.
January 2024 CPI Highlights
- CPI is 2.9%. Bank of Canada’s target inflation rate is 2%.
- Price increases for food slowed. January saw a 3.4% year over year increase in food prices compared to a 4.7% year over year increase in December
- Though gasoline prices increased in January amid refinery closures – a result of Winter Storm Elliot – month to month, gas prices have fallen for five consecutive months
- Grocery prices increased at a slower rate
- Airfare prices decreased
BC’s CPI
In January 2024, the BC CPI was 3%, the third highest in the country.
Inflation by category in January 2024 vs. January 2023:
- Shelter: +6.8%
- Food: +4.4%
- Health & Personal: +3.5%
- Alcohol, tobacco, cannabis: +2.9
- Alcohol beverages: +3.1%
- Beer: +4%
- Liquor: +1.3%
- Recreational cannabis: +2.4%
Are Interest Rate Cuts on the Horizon?
On February 6, the Bank of Canada (BoC) announced that it would again hold interest rates at 5%. The last rate hike was in July 2023 and the rate has been held at 5% since. As reported CBC News, BoC Governor, Tiff Macklem said it’s too soon for cuts “The assessment of the governing council is that we need to give higher interest rates more time to do their work.” BoC expects the CPI to hover around 3% during the first half of 2024 before easing toward 2.5% by year end. According to the CBC article, some economists are predicting that the first rate cuts will be in June of this year.
Thrive Advisors Helps BC Liquor & Cannabis Licensees Through Tough Times
Thrive Liquor & Cannabis Advisors helped many BC liquor and cannabis licensees during pandemic-era economic and operational challenges. In good times and bad, our consultants work hard to make your life easier. Find out how working with Thrive can save you time, money, and frustration.
