Canada’s Annual Inflation Surpasses Five Percent
MONCTON–Annual inflation in Canada has surpassed five percent for the first time since 1991, according to Statistics Canada.
In its monthly report, StatsCan indicated annual inflation rose to 5.1 percent in January, compared to the 4.8 percent gain recorded in December, 2021.
For comparison, during the same period last year, the Consumer Price Index increased by just one percent on a year-over-year basis.
Canadians find themselves paying significantly more for gasoline (31.7 percent), food (5.7 percent), and housing (6.2 percent).
According to StatsCan, excluding gas, the CPI rose 4.3 percent last month, the fastest pace since the index was introduced in 1999.
At the root of the increases are ongoing supply chain issues and elevated consumer energy prices.
Robert Lothian is a reporter with 91.9 The Bend in Moncton, a Huddle content partner.