Inflation on the Rise
CBJ — The nation’s consumer price index was up substantially in April, and in fact was quite a bit higher than the Bank of Canada would like to see.
According to figures released by Statistics Canada, the rate of inflation was up 3.4% compared with April, 2020, when the global pandemic was just kicking into high gear — and it’s yet to downshift to any considerable degree in terms of negative economic impact.
The aggressive 3.4% increase marks the largest year-over-year increase since May, 2011.
The Ottawa-based government agency reports that prices were up in every major facet of the economy. Leading the way… gasoline prices, which were up a staggering 63% compared with last year. Just how volatile are gas prices and what impacts does it have on inflation? Consider this: Remove gasoline prices and the rate of inflation would have came in at just under 2%, which is essentially the prime target for the Bank of Canada.