It’s no secret that the current economic inflation has caused a significant rise in the cost of living for Canadians. This inflation has contributed to a rapid increase in theft-related crime, across a wide array of businesses throughout the country. As a prudent business owner, what can you do to combat this increase in crime?
What is causing the high inflation in Canada?
Whether it be through a routine trip to the grocery store or gas station, Canadians are feeling the full effect of the recent spike in inflation. For the first time since 1991, Canada is facing an inflation rate increase of over 5%, resulting in a significant rise in the daily cost of living(1). You may be wondering what has caused such an aggressive increase this year, but unfortunately, the answer is not very straightforward.
Firstly, COVID-19 has disrupted the supply chains of many industries which has led to an increase in demand, and in turn an increase in product prices(2). Another notable cause of the Canadian inflation can be attributed to the wide spread droughts that have hemorrhaged the output of our agriculture industry; with the results being similar to the supply chain issues that COVID-19 has created, with low supply and high demand of agriculture products(3).
Another major factor that is contributing to the severe spike in Canadian inflation and cost of living in Canada is gas prices being at an all-time high due to the recently imposed carbon taxes and Eastern European conflict(4).
Other core causes for high inflation in Canada are:
Increased value of the Canadian Dollar
Various pandemic related economic disruptions
Labour Shortages
The correlation between inflation and crime:
Not only does inflation effect the daily spending habits of almost every Canadian citizen, it also has a direct effect on crime in our communities. There is a correlation between criminal activity, such as property crime and theft, when inflation is high(5).
The increase in inflation rates ultimately forces people to trade down their spending habits, and can lead them to the “hot market” – stolen goods for a considerably lower price. Criminals tend to weigh the costs and benefits of the crimes they commit, and the cost of living has created a huge opportunity for them to make a quick dollar, selling stolen goods on the black market(6).
Inflation has also caused raw material prices to soar over the last year, which makes locations, such as construction sites, recycling facilities, auto dealerships, and lumberyards a prime target for criminal activity. Liz Kovach, the president of the Western Lumber Retailers Association says “Although the price of lumber, the Darth Vader of building supplies, has come down, the prices of all other building materials are up”(7).
This is a major concern, as material theft is costly to a business – not only to replace the stolen materials, there is also a negative impact caused by severe timeline delays for the project when materials go missing.
Our proactive solution to combat this increase in crime:
With rapid inflation causing an increase in criminal activity, there has never been a more prudent time to invest in a proactive security solution to protect your business.
The strength of our video monitoring service lies in the ability to detect and deter criminal behavior before it occurs.
By studying site plans, discussing key areas/assets for protection, and identifying security threats, our Logistics Team positions our innovative Pole Units for optimal site protection. Our units are equipped with our high-resolution security cameras that are installed with a strategic view of the perimeter, site access points, and other areas of importance. When a trespasser is identified, our operators will utilize our various security peripherals to proactively deter any crimes from being committed.
Voice commands from our live communication speakers are issued as an initial warning, announcing that the individual is on an off-limits site, and that any illegal activity will be reported to the police. For a visual deterrence, our operators utilize our highly visible blue LED strobe lights, which double as a indicator for alerting law enforcement to specific areas on the site.
While our operators are attempting to deter the suspect, they are also simultaneously collecting evidentiary details with our high resolution stationary and Pan-Tilt-Zoom (PTZ) cameras. These details can include, but are not limited to, suspect description, behavior, and location. If the suspect cannot be deterred, our operators will immediately dispatch the local authorities and provide them with the aforementioned details to assist in an arrest.
While the police are on route, our operators continue to gather details and coordinate with police until the suspect is apprehended. Once the threat is contained, all evidence that is gathered is compiled into an in-depth report that is accessible for your review on our proprietary security information reporting platform, syncroReports.
The high inflation across Canada is an economic implication that we, as a society, will have to adjust to. Protect your business from the spike in crime associated with this rapid increase in cost of living, with our industry leading security solutions.
Resources:
- “Inflation surges to three-decade high, adding pressure on Bank of Canada to raise rates” – Financial Post, Kevin Carmichael, February 16th, 2022
- “Canada’s inflation rate rises to new 30-year high of 4.8%” CBC News, Pete Evans, January 19th, 2022
- “Inflation In Canada: Causes and cures” CUPE, December 8th, 2021
- “Inflation surges to three-decade high, adding pressure on Bank of Canada to raise rates” – Financial Post, Kevin Carmichael, February 16th, 2022
- “Whats causing higher inflation and why it could last years” Global News, Erica Alini
- “Will Higher Inflation Lead to a Spike in Crime?” The Bulwark, Brent Orrell, October 26th, 2021
- “Will Higher Inflation Lead to a Spike in Crime?” The Bulwark, Brent Orrell, October 26th, 2021
- “Inflation has become COVID-19’s partner in crime” Construct Connect, Peter Caulfield, December 17th, 2021