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The Bank of Canada Warns of Higher Inflation: What It Means for Your Money

  The Bank of Canada Warns of Higher Inflation: What It Means for Your Money October 29, 2026 | Canadian Money Brief Canadians could face another year of rising living costs. Here's how to protect your savings, manage your grocery bill and make smarter financial decisions. If you thought inflation was finally becoming yesterday's problem, the Bank of Canada's latest forecast delivers an important reminder: the cost of living could remain under pressure well into next year. In its October 28, 2026, Monetary Policy Report, the Bank of Canada warned that inflation is expected to remain above 3% through much of 2027 before gradually returning close to its 2% target by the middle of 2028. Higher energy prices, rising import costs and trade uncertainty are contributing to the outlook. The Bank also raised its overnight policy rate by 0.25 percentage points to 2.50% in an effort to contain inflationary pressures. For Canadian households, the message is clear: even if inflation eve...

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Tragedy Strikes at Turkish Ski Resort: 66 Dead, 51 Injured in Hotel Fire

A devastating fire engulfed the Grand Kartal Hotel at the popular Kartalkaya ski resort in northwestern Turkey early Tuesday morning, claiming at least 66 lives and injuring 51 others. The fire, which broke out around 3:30 a.m. local time in the hotel's restaurant section, spread rapidly, trapping guests on the upper floors.

Guests, many of whom were families on holiday during the school semester break, faced harrowing conditions as they tried to escape the flames. Some resorted to jumping from windows in a desperate attempt to flee the blaze, while others used sheets and blankets to climb down from their rooms. The hotel's fire detection system reportedly failed to operate, adding to the chaos and confusion.

Emergency services, including 30 fire trucks and 28 ambulances, were dispatched to the scene, but the fire's intensity and the hotel's chalet-style wooden exterior hampered firefighting efforts. The Turkish government has launched an investigation into the incident, with six prosecutors appointed to determine the cause of the fire and hold those responsible accountable.

President Recep Tayyip Erdogan expressed deep sorrow over the tragedy, offering condolences to the families of the victims and promising a thorough investigation. Health Minister Kemal Memisoglu reported that one of the injured is in serious condition, while 17 others have been treated and discharged.

The resort, located in the Koroglu mountains about 300 kilometers (185 miles) east of Istanbul, is a popular winter destination, especially during school holidays. The fire has left the community in mourning, with many still searching for loved ones who were staying at the hotel.

As the investigation continues, the focus remains on providing support to the victims and their families, and ensuring that such a tragedy never happens again.




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