Inflation on the Rise

Consumer Price Index - inflation

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.

@CanBizJournal

 

Recommended
Electric Vehicle ECU Market Size is Worth USD 42Production of Canada’s Fifth Arctic and Offshore Patrol Ship Underway With Cutting of First Steel for the Future HMCS Frédérick Rolette