Inflation Up in April
CBJ — The nation’s annual inflation rate moved up for a third straight month in April due mostly to higher gasoline prices in provinces with new carbon-pricing systems.
The consumer price index posted a year-over-year increase of 2% last month, 1.9% in March and 1.5% in February. The rating is in line with the Bank of Canada’s ideal 2% target for inflation.
A report assembled by Statistics Canada says the six provinces where carbon levies were introduced or increased in April saw a larger month-over-month rise in prices at the pump.
The federal Liberal government imposed carbon levies last month on New Brunswick, Ontario, Manitoba and Saskatchewan because they did not have similar systems of their own. The federal move has caused controversy, and provincial governments have vowed to fight the mandated systems.
Last month, Prince Edward Island introduced its own carbon-pricing system and British Columbia increased its existing levy.
Provincial Inflation Rates for April (March in brackets):
- Newfoundland and Labrador: 1.5% (1.2)
- Prince Edward Island: 1.2 (1.0)
- Nova Scotia: 1.3 (1.3)
- New Brunswick: 1.7 (1.6)
- Quebec: 1.8 (1.8)
- Ontario: 1.9 (1.8)
- Manitoba: 2.3 (2.3)
- Saskatchewan: 2.3 (1.8)
- Alberta: 2.2 (2.3)
- British Columbia: 2.7 (2.6)