News

Good afternoon. From the heart of Prince Edward County, I’m Will Pearson with your County FM News.  

The Bank of Canada has raised its benchmark interest rate to 2 ½ from 2 1/4 per cent, marking its first increase since 2023 after holding it seven consecutive times. The announcement comes after much speculation from economists who predicted Bank of Canada governor Tiff Macklem would announce a raise, based on statements he had made about inflation, calling it too high.

The annual Consumer Price Index rose 3.1% in September, led by higher prices for gasoline, which rose by almost 28 per cent, amid ongoing uncertainty about the wars in the Middle East. Officials at the Bank of Canada expressed concern that the longer gas prices remain elevated, the more likely it is that businesses will raise prices on other good and services.

In personal finance news: A review of banking fees in Canada was released last week by the Financial Consumer Agency of Canada. The review found that the way some banking fees are structured can make costs harder to understand and compare. For example, multiple fees can apply to a single transaction, increasing its total cost. Foreign exchange and cross-border debit fees can be embedded in the cost of a transaction, making the amount consumers pay in fees less visible. And usage-based fees can make costs difficult to predict, particularly when consumers have difficulty tracking how many transactions they have made. Individually, these fees can appear relatively small, but the Review found that they can add up over time. 

In consumer news: A third of Canadians are borrowing funds and dipping into savings to put food on the table, according to Dalhousie University’s Agri-Food Analytics Lab. When making decisions at the grocery store, most Canadians have affordability at top of mind, beating concerns for nutrition, taste, or environmental responsibility. And the familiar cost-saving strategies don’t appear to work as well anymore. Clipping coupon, shopping at cheaper stores, looking for better prices online, buying fewer non-essential foods, seeking sales and discounts, and switching to cheaper brands are all on the decline. Consumers might be reaching a degree of adaptation or strategy fatigue after several years of elevated food prices.

Finally, Monday’s municipal elections ushered in some notable wins for women across Ontario.  Voters elected their first female mayors in some cities, new female mayors in several others, and an all-female council in a village southwest of Ottawa. These are some encouraging signs that women are making inroads in Ontario municipal politics, according to Tracey Raney, a professor in the department of politics and public administration at Toronto Metropolitan University. We’re inching closer to gender parity in Canadian politics, but the pace of change is very slow and setbacks do occur, notes Elizabeth Goodyear-Grant, a political studies professor at Queen’s University. Those setbacks include highly-visible female incumbents like Mississauga’s Carolyn Parrish and Hamilton’s Andrea Horwath facing defeat. And women continue to face barriers in politics, including less access to donors and fundraising, gendered stereotypes about their qualifications, and harassment on the campaign trail and in office. 

Sports

In Bay of Quinte high school boys’ soccer action yesterday, PECI lost in double overtime in their semi final against St. Theresa’s. PECI has qualified for COSSA, which they’ll host.

In the fourth game of MLB’s World Series last night, the Milwaukee Brewers were three outs away from a sweep, but the Tampa Bay Rays staved off elimination at home, winning 4–3 in 12 innings to force Game 5 tonight in Tampa Bay. Both teams are looking for a first-ever World Series title.

In the NHL, four Canadian teams played last night. The Ottawa Senators lost 4 – 1 to the Vegas Golden Knights. The Montreal Canadiens shut out the St. Louis Blues 2 – 0. The Winnipeg Jets lost 5 – 1 to the Florida Panthers for their sixth straight loss. And the Vancouver Canucks beat Anaheim 6 – 5, in a come-back, overtime win to snap a 10-game losing streak. Tonight, three Canadian teams are in action. The Leafs visit the Seattle Kraken, and the Edmonton Oilers host the Calgary Flames, who are on a four-game winning streak.

Game 6 of the WNBA Finals goes tomorrow afternoon in Atlanta, with the Golden State Valkyries up three games to two.

In the NBA, the Toronto Raptors host the Orlando Magic for their next two games, tonight and Friday night.

And in MLS tonight, Toronto FC hosts DC United with a playoff spot on the line, CF Montreal is in Charlotte, and the Western-Conference-leading Vancouver Whitecaps host San Diego FC.