Canada is now up to 12.8 million shots given -- which is 88.5% of the total 14.5 million doses available. Over the past 7 days, 1,022,580 doses have been delivered to provinces.
And so far 1.1 million are fully vaccinated with two shots.
Canada's pace of vaccination:
Today's 261,941 shots given compares to an average of 289,731/day over the past week and 271,326/day the week prior.
- Pace req'd for 2 doses to 75% of Canadians by Sept 30: 285,069
- At current avg pace, we reach 75% by Sep 27
But recent federal modeling suggests health measures may potentially be safely eased once 75% of adults have at least one dose and 20% have two: canada.ca/content/dam/ph…
This would require ~30 million doses be administered. We're on pace for that by June 26.
Turning to individual provinces, here's total shots given and share of delivered doses used.
- Most shots given: YT at 114 doses per 100 people
- Fewest: NS at 30
- Highest share of delivered doses used: SK with 97%
- Lowest: NU with 67%
A more detailed look at provs/terrs:
- Highest overall: YT at 61% receiving at least one shot
- Most 1st doses only: QC at 33% receiving that shot
- Most Fully Vaccinated: YT at 53%
- Fewest Vaccinated: PE at 25%
Looking forward, here's time to reach 75% of *adults* w/ 1+ doses based on the latest 7-day average daily pace.
- MB fastest at 37 days.
- PE slowest at 66 days.
How does Canada compare to others? Currently, Canada ranks 6th out of 37 OECD countries in terms of the share of the population that is at least partially vaccinated. In terms of total doses per 100, Canada is 6th.
Today's data: inflation rate falls to 2.7% in April. Would have fallen more, but gasoline pushed the rate up. Shelter remains largest contributor, but pace of increase is falling.
The key Bank of Canada core measures of inflation have also remained within the target range -- lower than 2% -- over the past 3 months. This is what the bank is looking forward before lowering rates.
Here are the contributors to the drop. Most items down, but energy prices offset some of that.
This accounts for *changes* in the CPI annual rate of increase. Alternatively, had energy prices remained flat yoy, then CPI growth would have been 2.4% in April.
Today's data: inflation! 🥳 Prices were 2.9%, on average, higher in January than a year earlier. Inflation down from 3.4% in Dec. Biggest contributors to the drop were energy, food, travel. Cell phones offsetting some.
Looking at the headline rate, shelter is larger contributor. Rent accounts for ~0.5 points of the 2.9, mortgage interest costs ~1.0 points.
Important: note the strong decline in the pace of grocery price growth. Now in line with historical norm.
The decline in inflation has also been fairly broad based, with now fewer than half of items seeing a pace of price growth above 3% -- although still a larger share than normal, which is ~0.3-0.4.
This is higher than last month, true, but it doesn't mean the inflation situation is worsening. I noted this yesterday, saying 3.4% was the number to watch.
This is a *very* important point to keep in mind for the next *several* months. Even if things are completely normal month-by-month, the headline rate won't fall much over the next quarter.
As expected, inflation fell in October. A lot. From 3.8% in September to 3.1% in October. And monthly, adjusted for seasonality, prices were lower in October than Sept.
A big part of the reason is from lower gasoline prices. That's anticipated because oil prices were down. There's a tight connection between energy's contribution to CPI and oil prices (obviously). This has been a consistent story over the past two years.
You can see the size of the contribution from energy to the change in inflation since September here 👇 . Basically everything else was a net wash.
Some Alberta Pension Plan proponents are concerned about Albertans paying more in contributions than they receive in benefits. Is this "overcontribution" legitimate? If so, does it imply the CPP is unfair? Would an APP solve it?
Allow me to explain. 🧵🤓 #cdnpoli #ableg #cdnecon
The Government of Alberta regularly cites $60 billion in excess contributions over what has been received in benefits. The report commissioned by the government includes this figure. Red is Alberta. Positive means contributions > benefits. 👇
The data are accurate. You don't even need an actuary. Statistics Canada reports this annually. Total contributions from 1966-2021 amount to approximately $60 billion. Adjusting for inflation provides a clearer perspective.
The GST adds 5% to the cost of purchasing a good or service subject to this tax. Not all items are subject to it, though. I (roughly) estimate that, overall, the GST adds an average of 2.3% for consumer expenditures as a whole. (From here: )www150.statcan.gc.ca/t1/tbl1/en/tv.…
So, eliminating the GST would drop the CPI by 2.3%. Since the latest inflation reading is 3.8%, that would leave us at 1.5% (assuming nothing else changed). And 1.5% is 61% lower than 3.8%.