Canada's Inflation Rate Hit An 18-Year High In September & Here's What's Costing The Most

Gas prices are going through the roof! 📈

Canada's Inflation Rate Hit An 18-Year High In September & Here's What's Costing The Most

If it feels like 2003 again, it might be because MuchMusic has made a return or because the inflation rate in Canada is skyrocketing again.

Statistics Canada's latest Consumer Price Index (CPI) report indicates that inflation soared to 4.4% in September 2021, the fastest pace since all the way back in February 2003, and it's mainly down to a few key items getting way more expensive.

According to StatCan, transportation prices contributed the most to the increase at 9.1%, while the cost of shelter went up 4.8% and tuition fees jumped 1.9%.

The price of gasoline had a massive jump; compared to this time in September 2020, Canadians paid 32.8% more to fill up their vehicles in September 2021.

The cost of food in Canada also jumped up 3.9% year-over-year, driven by increases in the price of meat (like fresh and frozen chicken, beef and poultry). It's not entirely surprising, then, that many Canadians say they're buying less meat than they used to.

September 2021 marks the ninth consecutive month that the CPI has risen in Canada — fingers crossed we're not in for double-digits!

If you've noticed the cost of just about everything has been hitting your wallet a little harder, you can thank Canada's inflation rate.

According to an annual report from Statistics Canada, released on January 19, the Consumer Price Index "rose 3.4% on an annual average basis in 2021, following an increase of 0.7% in 2020."

Keep Reading Show less

If you love meat products in your diet, you've probably noticed that your grocery bill has risen lately.

On Wednesday, November 17, Statistics Canada revealed the Consumer Price Index and it showed that prices for meat products rose almost 10% in October of 2021, compared with October 2020.

Keep Reading Show less

North America's fresh produce industry has a warning about ongoing supply chain issues and how they'll affect grocery store trips.

According to a joint statement issued by 21 produce organizations, the price of produce is only going to increase because of delays and higher costs "along the supply chain."

Keep Reading Show less

'Tis the season for pot roasts and turkeys, but the price of meat in Canada is leaving plenty of shoppers high and dry.

According to consumer price data from Statistics Canada, the price of some meats — like bacon and prime rib roast — are higher than they've been in decades.

Keep Reading Show less