Consumer Inflation Reached 4.8 Percent In December
MONCTON–Canadian Consumer Inflation continued to soar in December on the back of unfavorable weather conditions and ongoing supply chain challenges.
The Consumer Price Index, (CPI) rose to 4.8 percent on a year-over-year basis for December according to Statistics Canada’s report January 19, signaling a slight change from the 4.7 percent increase in November.
For the year, The CPI rose 3.4% on an annual average basis in 2021, following an increase of 0.7% in 2020. This marked the fastest pace since 1991.
Canadians find themselves spending more to put food on the table, particularly fresh fruit. Household staples have seen a significant increase on a year-over-year basis, specifically apples (+6.7 percent), oranges (+6.6 percent) and bananas (+2.5 percent).
Drought during the summer also caused a notable increase (4.7 percent) for bakery products, StatsCan noted.
Other products recording a sizeable increase include durable goods, which are products used repeatedly or continuously.
Purchasing a new vehicle cost 7.2 percent more than it would have a year prior, largely due to the global shortage of semiconductor chips.
Household appliances and laundry and dishwashing appliances will also leave your pocket lighter than it would have a year ago.
Inflation in New Brunswick saw a 5.4 percent increase in December compared to the same period last year, leading all Canadian provinces and territories with the exception of Prince Edward Island, where Stats Can noted a 6.7 percent change. Nova Scotia’s inflation mirrored the national average, at 4.8 percent.
Robert Lothian is a reporter with 91.9 The Bend in Moncton, a Huddle content partner.