Island Social Trends

ECONOMY

Economy in 2023:

• Inflationary pressures continue across Canada, though the *rate* of inflation has subsided slightly since June figures. The slight slowdown is reportedly resulting from a decrease in oil prices. But the inclusion of the cost of transportation and overhead costs resulting from labour supply interruptions seems to be becoming baked into the pricing of consumer goods, notably retail groceries.   
• BC Budget 2023 is coming February 28. A surplus from 2022-23 has in the first 100 days of Premier David Eby’s government been rolled out through various one-time announcements.
• The federal Health Care Transfer (CHT) increase to the provinces was not as significant as hoped. BC will “continue to do things differently” and and on February 24 announced $440 million in surplus funds for cancer research, doctor recruitment, equipment and treatment.
• The next Bank of Canada rate increase is coming March 8, 2023. If the Bank of Canada’s ‘pause’ on increasing the interest rate doesn’t hold it’s only people who are relying on credit for their financial stability or survival who will pay the price.