Perspectives

Food inflation is becoming harder to ignore, and it may still have further to run. 

As geopolitical tensions push up energy prices, those pressures are beginning to move through the broader economy. If it persists, it could impact what Canadians pay for food. 

Scotiabank’s Rebekah Young joins the podcast to break down why food inflation remains persistent, how global shocks are moving through supply chains, and why there are few quick solutions in the near term. 

She also explains what this means for households, and why central banks may face more difficult decisions if these pressures continue. 

Key moments this episode: 

2:01 – What has caused food inflation since the pandemic 3:23 – Digging deeper into the economic factors behind food inflation 4:52 – How the current causes of food inflation differ compared to during the pandemic 8:10 – Which inputs are affected by the recent closure of the Strait of Hormuz 9:30 -  Understanding fertilizer types and how it affects farmers in Canada 10:43 – How the war in Iran is affecting consumers 13:50 – How the upcoming grocery benefit aims to help some Canadians deal with food inflation 16:38 - How rising commodity prices could benefit Canada as a global producer of oil, fertilizer and more 19:27 – How the Bank of Canada is reacting to food inflation 22:24 – What Canada can do to stabilize food prices and mitigate risk for the future

The Bank of Canada announced it would be keeping the overnight interest rate at 2.25% as uncertainty looms with the ongoing conflict in the Middle East and the renegotiation of the trade deal between Canada, the U.S. and Mexico.  

Scotiabank’s Chief Economist Jean-François Perrault talked with us on April 29 to break down the complexities of the latest rate decision, the scenarios the central bank is weighing, what Canadians can expect in the coming months and any silver linings amid all the economic uncertainty.   

1:36 – JF weighs in on why the Bank of Canada decided to hold 2:37 – With inflation on the rise, could a rate increase be in store? 5:45 – What happens if oil prices rise and CUSMA talks deteriorate? 8:17 – What impact will the removal of the fuel excise tax for Canadians have on inflation? 9:15 – JF on why he expects interest rate increases in the coming months, as early as July 10:48 – What would need to happen to avoid an interest rate increase in July? 13:19 – What impact could measures and spending in the federal government's Spring Economic Update have on the economy and inflation? 15:31 – JF on what it all means for Canada's housing market 21:00 – What this means for those renewing their mortgage soon 22:43 – Main takeaways for Canadians

In this episode, we break down how gold functions in today’s financial system, from the different ways people invest in it to why it often gains attention during periods of inflation, volatility and uncertainty, with guest Robert Cohen, Vice President and Senior Portfolio Manager at Scotia Global Asset Management. He is co-Portfolio Manager of Scotia Resource Fund as well as Portfolio Manager for Scotia Global Asset Management’s Dynamic-branded funds – Dynamic Precious Metals Fund and Dynamic Active Global Gold ETF, to name a few. Robertjoins the podcast to explain what’s behind gold’s recent rise, why central banks around the world continue to increase their gold holdings, and how gold differs from other market assets.

For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures 

 Views expressed regarding a particular company, security, industry or market sector are the views of the writer and should not be considered an indication of trading intent of any investment funds managed by 1832 Asset Management LP.

These views should not be considered investment advice, nor should they be considered a recommendation to buy or sell. These views are subject to change at any time based upon markets and other conditions, and we disclaim any responsibility to update such views.

Key moments this episode: 

 2:07 - Robert’s background and how he got into gold and mining 

3:06 - What’s driving gold’s big rise right now? 

5:35 – What is a fiat currency? 

5:54 - Have we seen this kind of gold growth before? 

7:24 - Why Canada has no gold reserves today 

8:04 - Why other countries are still buying gold 

9:45 - What makes gold a safe asset 

10:46 - Why Canada matters in the global gold story 

12:19 - How much gold Canada may still have left 

13:54 - What the future of mining looks like in Canada 

15:18 - What role gold plays in a diversified portfolio 

16:33 - Where Robert thinks gold is headed next 

17:56 - The biggest misconception people have about gold 

19:08 - The main takeaway for Canadians watching gold right now

For many, the word “productivity” evokes thoughts of completing a to-do list or running errands. But in economics, productivity refers to how efficiently a good or service is produced with inputs like labour or energy. 

And Canada’s economic productivity has been stalling and it’s impacting our economy. 

In this episode, Scotiabank’s Director of Forecasting Patrick Perrier joins us to break down Canada’s productivity problem, explain how it affects Canadians directly and much more. 

For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures 

Key moments this episode:

1:42 – What economists mean when talking about productivity3:02 – Why productivity should matter to Canadians6:30 – Canada’s productivity performance in recent years8:35 – What caused Canada’s poor productivity11:26 – Why productivity measures are volatile and hard to track12:48 – Is productivity about replacing workers or making them work harder?13:31 – How transformations like the Industrial Revolution and AI affect employment14:52 – Why is productivity especially important for Canada’s success today15:32 – How can countries like Canada improve productivity?17:29 – Is Canada on the right track with productivity?18:37 – Other countries that managed productivity well19:36 – Where to find productivity numbers reported20:04 – Patrick’s main takeaways on productivity

Once again, the Bank of Canada held the overnight interest rate at 2.25%, but signalled that higher oil prices due to the war in Iran will push up inflation in the near term. 

Scotiabank’s Chief Economist Jean-François Perrault is back on the podcast to break down the latest rate decision, what it could mean for Canadians and what we could see in the second half of the year.  

For legal disclosures, please visit ⁠http://bit.ly/socialdisclaim⁠ and ⁠www.gbm.scotiabank.com/disclosures⁠ 

Key moments this episode:

1:05 - JF walks us through the Bank of Canada's decision

2:23- JF paints a picture of Canada's economy and why it prompted the central bank to hold its key rate steady

5:18 - An overview of how the war in Iran affects the Canadian economy

9:22 - Unpacking how different provinces in Canada will be affected differently

11:33 - JF weighs in on when a policy rate change may be needed

15:06 - JF's outlook for interest rate decisions and why he still expects a rate hike in 2026

17:18 - A look at Canada's housing market and why you should consider renewing your mortgage soon

18:58 - JF's main takeaways for Canadians