Statistics Canada’s Consumer Price Index for June was 2.8%. That’s less than had been forecast and closing in on the Bank of Canada’s target rate of 2%.

However, the Canadian Chamber points out that there’s more to the number than meets the eye. “Unfortunately, the stickiest and hardest part of the inflation fight is only just beginning,” Chamber Senior Research Director Marwa Abdou said, noting that energy costs account for much of the drop. “We may have to get used to tight monetary policy (from the Bank of Canada), as the lagged effects of previous actions work their way through the economy.”

Klein raised the profile of business responsibility during his tenure, helping launch the Gustavson Brand Trust Index in 2015.

The new dean is Dr. Anita Bhappu, who started on July 1. She joins UVic from the University of California, where she served as associate dean of student success and department chair of management of complex systems.

“If we don’t do enough now, we will likely have to do even more later,” Bank of Canada Governor Tiff Macklem said this morning. “If we do too much, we risk making economic conditions unnecessarily painful for everybody.”

The Chamber recently hosted the Bank of Canada’s Deputy Governor for the mid-year Economic Progress report. Paul Beaudry was clear at that time that the Bank’s priority is protecting the value of money for Canadians — even if that means pain in the short-term.

​The increased cost of borrowing hurts business investment and darkens what might otherwise be bright skies. Greater Victoria’s labour market remains robust and Canada’s economy has been stronger than expected.

“Today’s announcement stings and people are feeling concerned about their finances,” Chamber CEO Bruce Williams said. “No one wants to go through a recession but we’ve been through tougher times and we will get through these. Keep focused on your day-to-day priorities and get help from experts who can provide the right guidance, which is crucial right now. The Chamber’s member directory is a good place to search for professional help so you can make sound fiscal decisions. And make sure to stay connected with the business community. You’re not going through these challenges alone.”

This pre-purchase online research doesn’t mean a transition to online shopping, 83% indicated that their in-store shopping will rise or remain the same. The survey also provides interesting insights on AI from a generational standpoint and how to influence tomorrow’s upmarket consumers.