Inflation Up By 8.8 Percent In Nova Scotia And New Brunswick
SAINT JOHN–Canada’s inflation rate skyrocketed to a nearly 40-year high of 7.7 percent during the month of May but basic costs rose even higher in the Maritimes.
Statistics Canada says the Canada-wide Consumer Price Index was up last month from the 6.8 percent gain recorded in April. But in both Nova Scotia and New Brunwick the CPI rose by 8.8 percent year-over-year. In Prince Edward Island, the CPI rose by a staggering 11.1 percent.
“Price pressures continued to be broad-based, pinching the pocketbooks of Canadians and in some cases affecting their ability to meet day-to-day expenses,” the agency said in a news release on Wednesday.
According to StatCan, the acceleration was largely due to higher gas prices, which were up by 12 percent month over month and 48 percent year over year.
High crude oil prices also resulted in higher prices for fuel oil and other fuels, which increased by more than 95 percent from a year earlier.
“Crude oil prices rose in May as a result of supply uncertainty amid Russia’s invasion of Ukraine, as well as higher demand as travel continued to grow in response to eased COVID-19 restrictions,” said StatCan.
Grocery prices rose by 9.7 percent in May, matching gains that were recorded in April. Edible fats and oils recorded its largest increase on record at 30 percent, mainly driven by higher prices for cooking oils.
Fresh vegetable prices increased 10.3 percent in May, following an 8.2 percent gain in April. Meat prices increased at a slower pace, climbing by nine percent year over year in May compared with 10.1 percent in April.
Shelter costs rose by 7.4 percent year over year in May, matching the increase that was recorded in April.
Higher prices for services, such as hotels and restaurants, also contributed to the increase, climbing by 5.2 percent year over year in May, following a 4.6 percent gain in April.
Seven of 10 provinces saw their inflation rate climb at a faster rate than the national average, including all four Atlantic provinces.
After PEI, Nova Scotia, and New Brunswick, Manitoba saw its CPI climb the most, by 8.7 percent.
That was followed by British Columbia (8.1 percent), Newfoundland and Labrador (8.0 percent), Ontario (7.8 percent), Quebec (7.5 percent), Alberta (7.1 percent), and Saskatchewan (7.0 percent).
Brad Perry is the news director with CHSJ/Country 94, Huddle content partners.