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! 📈
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!
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