Canada’s inflation rate is currently at its highest mark since 2011, reaching 3 percent now according to Statistics Canada.
Now, we all know that inflation causes the prices of things to rise, and that’s not good for anyone.
There are certain things that cost much more in Canada right now because of the inflation hike.
If you’ve been driving anywhere recently, you have probably already noticed that gas prices have steadily been going up.
Some places like Toronto and the GTA are seeing prices at the pumps drop today and through the weekend, but that’s not expected to stick around for the long term. Overall the price of gas has gone up 25 percent in just the past year, causing record highs across the country.
Airline tickets have also increased in price. So, this may not be the best year to try to book a vacation if you’re finding yourself a little strapped for cash. Since this time last year, plane ticket prices have gone up 28 percent.
Electricity and energy costs have also been on the rise in Canada for the past year. Much like gas, you’ve probably noticed this if you’re paying your own bills. Overall energy costs have risen 14.5 percent across the country.
Eating out is also now costing Canadians more money. Restaurant food prices have risen in a big way since last year. So, going out for a bite out with your friends or partner is now costing you more. Resturant food is costing Canadians an average of 4.4 percent more than last year.
For anyone out there with dreams of homeownership, there’s bad news as well. Mortgages are going to cost you an average of 5.2 percent more than last year.
Finally, the price of cars has also gone up by 2 percent across the country. That's without the effects of the trade dispute with the United States, which haven't taken full effect on the industry yet.
In summary, everything is expensive and we’d all be better off saving our money instead of going out.