finance

B.C.’s consumer price inflation heats up

Bryan yu Data Points

Like the rest of the country, consumer price inflation in B.C. soared in May with year-over-year growth in the consumer price index (CPI) reaching 8.1 per cent compared with 6.7 per cent in April as prices accelerated.

Following a 1.3 per cent CPI increase from April, B.C.’s 12-month inflation leapfrogged the national figure for the first time since December 2020 and was the highest among Canada’s four largest provinces. Inflation was consistent across the province with both Metro Vancouver and Victoria at 8.2 per cent.

Households are experiencing a broad reduction in purchasing power with already elevated inflation amplified by global supply chain woes, the war in Ukraine and strong domestic demand. Motorists absorbed a 9.9 per cent increase in gasoline prices from April. This increase lifts the year-over-year growth to 42 per cent, compared with 32.8 per cent in April.

Food prices continued to track higher with store-bought prices up 8.6 per cent, powered by sharply higher meat, produce and bakery aisle prices.

Shelter costs rose 8.4 per cent year over year, which was consistent with April’s 8.2 per cent pace as slowing housing prices dampened ownership costs and rent growth steadied. That said, with mortgage interest costs on the rise and stronger rent increases due to population growth and constraints to home ownership affordability, upward pressure will likely continue.

The latest figures underscore the monstrous inflation challenge for households, particularly lower-income groups without a savings buffer. Wage growth has not kept pace with higher prices, meaning severe pressure on any savings.

Tourist visits in B.C. climbed for a third consecutive month in April as visits increased sharply following Omicron fears and relaxed entry restrictions. Visits in April moved up 43.5 per cent month to month to 341,769 adding to the 15.8 per cent boost in March.

One-day visits posted stronger growth (up 93 per cent) compared with overnight visits (up 34 per cent).

What could begin to weigh on tourism numbers is the high cost of fuel and the general higher cost of living due to inflation. Both factors may take a larger bite out of the wallets of potential tourists. •

INSIDERTRADING

The following is a list of stock trades made by corporate executives, directors and other company insiders of B.C.’s public companies filed in the week ended June 29, 2022. The information comes from a compilation of required reports filed with the BC Securities Commission obtained from DisclosureNet. com.

InsIder James A Pattison, 10 per cent owner Company: Westshore Terminals Investment Corp. (TSX:WTE) Shares owned: 4,719,541 Trade date: Jun 24 Trade total: $5,049,600 Trade: Acquisition of 160,000 shares at a price of $31.56 per share InsIder Stuart Raftus, officer Company: Canaccord Genuity Group Bryan Yu is chief economist at Central 1 Credit Union.

Inc. (TSX:CF) Shares owned: 2,010,586 Trade date: Jun 23 Trade total: $1,740,000 Trade: Acquisition of 200,000 shares at a price of $8.70 per share InsIder Robert Mintak, director Company: Standard Lithium Ltd. (TSX-V:SLI) Shares owned: 2,117,999 Trade date: Jun 27, 28 Trade total: $283,200 Trade: Sale of 60,000 shares at prices from $4.71 to $4.73 per share InsIder Peter Craig Gibson, 10% owner Company: Prismo Metals Inc. (CNSX:PRIZ) Shares owned: 1,400,000 Trade date: Jun 24, 27 Trade total: $165,000 Trade: Sale of 1,100,000 shares at prices from $0.10 to $0.15 per share InsIder Harold N Kvisle, director Company: Finning International Inc. (TSX:FTT) Shares owned: 45,000 Trade date: Jun 23 Trade total: $134,600 Trade: Acquisition of 5,000 shares at a price of $26.92 per share InsIder Kara Leah Norman, officer Company: Standard Lithium Ltd. (TSX-V:SLI) Shares owned: 187,000 Trade date: Sept 23, 24, 27, 28 Trade total: $129,490 Trade: Sale of 21,200 shares at prices

Province’s inflation rate hit 8.1 per cent in May

Consumer price index increase consistent across the province

Per cent change in B.C. consumer price index 16 14 12 10 8 6 4 2 0 -2 -4 1980 1985 1990 1995 2000 2005 2010 2015 2020

SoURCES: STATISTICS CANAdA, CENTRAL 1:

Tourist visits to B.C. up for the third consecutive month

Month-to-month increase up 43.5 per cent in April

Non-resident visitors (000s) 1,000

800

600

400

200

0 2018 2019 2020

2021 Same-day Overnight visits

SoURCES: STATISTICS CANAdA, CENTRAL 1

from $6.05 to $6.20 per share InsIder Wilhelm K. T Zours, 10% owner Company: Skeena Resources Ltd. (TSX:SKE) Shares owned: 4,602,820 Trade date: Jun 27 Trade total: $113,250 Trade: Acquisition of 15,000 shares at a price of $7.55 per share InsIder William Webster IV, director Company: International Battery Metals Ltd. (CNSX:IBAT) Shares owned: 13,000 Trade date: Jun 24, 27 Trade total: $97,880 Trade: Acquisition of 33,000 shares at prices from $2.96 to $2.97 per share

InsIder Saket Kumar, other Company: Vecima Networks Inc. (TSX:VCM) Shares owned: 13,606,713 Trade date: Jun 23 Trade total: $89,230 Trade: Acquisition of 5,100 shares at prices from $17.30 to $17.50 per share

InsIder Sumit Kumar, other Company: Vecima Networks Inc. (TSX:VCM) Shares owned: 13,606,713 Trade date: Jun 23 Trade total: $89,230 Trade: Sale of 5,100 shares at prices from $17.30 to $17.50 per share •

Have you seenour newlook? Magazine