Last month, consumer price growth rose at its fastest rate since May 2011.
Statistics Canada shared an updated Consumer Price Index on Wednesday, May 19, showing how much consumers are paying for things like food, shelter, gas, and more.
As it turns out, Canada's inflation rate between April 2021 and 2020 was 3.4%, the highest increase that we've seen in the past decade. Some things that have gotten significantly more expensive over the past year include gasoline, shelter, clothing, and footwear.
Gas prices spiked by 62.5%, shelter costs went up by 3.2%, and clothing and footwear got 1.8% more expensive. Meanwhile, the price of food rose at a slower rate, while prices for cellular services fell.
Electricity prices also rose, seeing the biggest jumps in Ontario and Alberta, where customers' bills increased by 18.3% and 16.9%, respectively.
The Canadian province that saw the highest change in its Consumer Price Index from last year was P.E.I. The smallest shift was recorded in B.C.
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