Inflation Hits 5.7 Percent In February
SAINT JOHN–Canada’s inflation rate continues to rise. The Consumer Price Index jumped by 5.7 percent last month, compared to February 2021. That’s up from a 5.1 percent year-over-year increase in January.
Statistics Canada says February’s increase was the largest in more than 30 years.
“Price increases were broad-based in February, pinching the pocketbooks of Canadians,” the agency said in its report.
In the Maritimes, inflation trended even higher than in the rest of the country.
While Nova Scotia’s year-over-year inflation rate matched the national 5.7 percent, New Brunswick saw its Consumer Price Index rise by six percent in February. Prince Edward Island, meanwhile, saw a staggering 7.3 percent jump.
Across the country, rising prices are being felt most acutely on everyday items. Motorists paid 32.3 percent more at the fuel pumps compared to the same time last year. That comes amid geopolitical conflict in Eastern Europe and the Middle East as uncertainty surrounding the global oil supply put upward pressure on prices.
Grocery prices rose by 7.4 percent, the largest yearly increase recorded since 2009.
“Higher input prices and heightened transportation costs continued to contribute inflationary pressure in February,” said Statistics Canada.
Shelter costs also rose in February at their fastest pace since 1983, climbing by 6.6 percent.
Brad Perry is the news director with CHSJ/Country 94, Huddle content partners.