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Dining out will cost more; Rising Inflation: CBC Marketplace Cheat Sheet

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Dining out will soon cost more

Restaurants across Canada say their prices will rise more than 7% by the end of the year, in a bid to maintain sustainable profits and offset rising food costs.

An annual report published by Foodservices Facts indicates that the war in Ukraine and high energy costs are contributing to the high cost of food experienced by restaurant owners.

The report follows a difficult year for restaurants, when almost 10,000 closed their doors permanently between April 2021 and July 2022 – in British Columbia alone.

Mark von Schellwitz, vice-president of Western Canada for Restaurants Canada, says restaurants still have “incredible hurdles to overcome” to recover from the pandemic and inflation.

“You speak [substantial] the increase in our food expenses. As for dairy products, they increased by almost 20%. Beef, 16 percent. Cooking oil, 20 percent. There’s been a lot of inflationary pressure…and our natural gas costs have also gone up about 22%. »

Von Schellwitz says about 85% of restaurants in Western Canada have gone into debt to keep their doors open during the pandemic, and with current labor shortages, restaurants are still struggling to rehire staff; try to attract employees with higher salaries. Read more.

Rising costs drove up prices at 2001 Pizza in Vancouver, which was selling slices for less than a dollar. Now the cheapest are $3.50. (Rafferty Baker/CBC)

‘Crypto King’ has $2 million worth of luxury cars, seized assets

Two McLarens, two BMWs and a Lamborghini are just some of the $2 million in assets seized from a 23-year-old from Whitby, Ont., as his investors try to recover millions of dollars they have handed over to the self-described “Crypto King”.

But so far, Aiden Pleterski’s assets are well below what his investors claim they are owed.

Pleterski and his company, AP Private Equity Ltd., owe investors $35 million in his cryptocurrency and currency investment firm.

Creditors are currently working to sort out where at least $35 million provided to Pleterski ended up.

Aiden Pleterski, a 23-year-old self-described “Crypto King,” is facing allegations that he took at least $35 million from investors in Ontario, only to have that money disappear. (TechTimes)

Pleterski owned 11 vehicles, rented four other luxury cars, flew private jets and paid $45,000 a month to rent a lakeside mansion in Burlington, Ont.

Diane Moore invested $60,000 that she had set aside for her grandchildren’s education after meeting Pleterski through someone, she says, she had known for years. Now she’s at $50,000.

“It was all about trust,” Moore said. “What Aiden did, I think, is horrible – and I don’t know how he can live with himself.”

Investors questioned Pleterski at length during the first meeting of creditors — which lasted more than five hours — in late August, according to the minutes of the meeting. When asked why he kept investing money when he knew he couldn’t repay, Pleterski told the meeting that he “was a young 20-year-old”.

Pleterski did not respond to requests for comment on this story. Read more.

Inflation is slowing, but prices won’t fall – here’s why

The annual inflation rate was 7% in August, down from a four-decade high in June.

But even the most optimistic scenarios predict that prices will continue to rise, even as inflation comes back under control. “It’s more that price increases will be slower than prices will fall,” said BMO senior economist Benjamin Reitzes.

  • Are you and your family feeling the effects of inflation? Maybe you can no longer afford the essential items you used to buy or notice that you are getting far less for the same price. Marketplace is looking for families and individuals interested in sharing their stories. Email us at: [email protected]

“Some prices will probably go down, like we’ve seen gasoline prices go down,” he said. “But others are just at a new higher plateau and they’ll just rise at a slower pace and that’s what slower inflation is.”

Some of the main drivers of inflation, such as oil, shipping and the price of key grains, are coming back to earth, but the cost of food and services continues to climb.

With another interest rate hike expected, some Canadians already hit by rising prices could be hit even harder by increased debt repayments. Read more.

Although Canada’s inflation rate fell to 7% in August, that does not mean that commodity prices will fall anytime soon. (Shutterstock/Stefan Malloch)

Health system facing ‘collapse’, warns CMA chief

Dr. Alika Lafontaine, the new president of the Canadian Medical Association (CMA), warns that without an injection of funds and a plan to increase the number of health professionals, the Canadian health system will collapse.

He pointed to recent emergency room closures in Ottawa, southwestern Ontario and Quebec, and long wait times as examples of issues undermining Canada’s longstanding promise of quick to care for anyone in need.

“We’ve been saying for a while that we’re concerned about the collapse. And in some places the collapse has already happened,” Lafontaine said.

“All of these things are not normal things for Canadians, so we’re at a tipping point right now. If you can’t access services, it literally means a meltdown.”

Lafontaine has a few suggestions, such as moving from provincial physician licensing to a streamlined national process.

“We have to rethink the idea that we can continue with 13 separate health systems that don’t collaborate with each other on a really deep level,” he said.

And, of course, cash is king.

“We definitely need more resources in the system to move forward. But what’s important is where those resources go,” he said, adding that past federal efforts to specifically allocate funds for mental health or home care for the elderly have been successful.

Federal Health Minister Jean-Yves Duclos has hinted that more money will flow into provincial coffers over the next few months, but he said it won’t be a blank cheque. Read more.

A sign showing the estimated wait time at Toronto’s Humber River Hospital emergency department is pictured April 26. (Alex Lupul/CBC)

What else is going on?

There’s a $16 million class action lawsuit in Edmonton over a deadly outbreak of E. coli.
One person died and 42 others fell ill after eating spoiled pork products in 2018.

Canada Jetlines is the newest airline to attempt to take on the giants.
The self-proclaimed, value-oriented leisure carrier only flies between Calgary and Toronto, for now, but has plans to expand.

The American company Otterbox is suspending its shipments to Quebec until it can reinforce its french.
The move follows the introduction of the new law which requires “French language support at all sales and marketing touchpoints”.

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