Inflation is running hot in Canada, though the relationship between higher prices and the likelihood of the Bank of Canada raising rates is “complicated.” The rate was 3.3% in July compared to 2.8% in June. Some of the higher costs are directly related to interest rates, which make some mortgages and loans more expensive and impacts renters as well as homeowners. The summer heat also caused energy demand to soar, and the war in the Ukraine continues to impact food prices worldwide.

The Bank of Canada has been clear that tamping down inflation remains its priority. That means another raise in interest rates remains on the table next month. However, the Conference Board of Canada reports that inflation could be feeding on itself as consumers and businesses have come to expect prices to keep rising.

How is your organization dealing with cost uncertainty? Share your stories or advice for other businesses at communications@victoriachamber.ca.

Take a moment this BC Day long-weekend and step into the exciting world of British Columbia, where history, diversity and community living are connected, creating vibrant experiences for all. On Aug. 7, let’s embark on a journey that celebrates what truly makes this province feel like home.
 
Let’s begin by honouring the rich heritage of First Nations, who have been the stewards of this land for generations. This is a time for reconciliation, where we stand together to support friends, neighbours, and community members, all working tirelessly to make BC the fantastic place it is today.
 
From the Songhees to the Malahat First Nations, let’s appreciate and embrace the incredible experiences Indigenous tourism businesses offer.
 
Our adventure doesn’t end there! Take the opportunity to immerse yourself in the vibrant culture and local shopping scene or seize the moment to embark on that long-awaited home project. And for the spontaneous folks, why not plan a thrilling last-minute getaway to discover the breathtaking natural beauty of the province?
 
As BC Day approaches, we wish you a relaxing day, a chance to appreciate the joy of being a part of this extraordinary province that we all call home.
 
Please note that The Chamber will be closed on Monday, Aug. 7 to celebrate BC Day.

The Greater Victoria Chamber of Commerce is proud to announce the people who will make up our 2024 Board of Directors.
 
Rose Arsenault, James Gatsi and Jessica Stigant are returning for new two-year terms after being acclaimed for 2024. As well, Josue Dubon will also join the Board as a full voting director. Josue currently holds a non-voting position as chair of The Chamber’s Emerge Committee.
 
And in related news, Dean Clarke joins The Chamber Board as the chair of The Chamber’s new Family Business Committee.

Everyone concerned about the cost of borrowing could be forgiven for feeling a bit of relief yesterday with news that inflation is slowing faster than expected.

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.”

​A longtime voice of business leadership in Greater Victoria is moving on from his post as dean of the University of Victoria‘s Gustavson School of Business. Dr. Saul Klein has served as dean since 2012. He will continue as a professor of marketing, strategy and international business.

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.