ICYMI: Canadian inflation rises to 6.8%: What you need to know — via financialpost Economy Canada Inflation
Not as bad as the United Kingdom, where inflation surged to nine per cent in April, according to figures published ahead of the new Canadian numbers.is still pretty bad. Year-over-year increases in the consumer price index spiked to 6.9 per cent in January 1991, and hovered around six per cent for much of that year. Otherwise, inflation hasn’t been this hot since the early 1980s.
Still, some economists observed that gasoline prices, which always have an outsized influence on the headline number, jumped in May. And because transportation costs affect the price of almost everything, there’s a risk inflation becomes “entrenched” in the economy, Douglas Porter, chief economist at Bank of Montreal, said in a note to clients.
Those are simply the most notable increases, but the pricing pressures are broad. More than 70 per cent of the goods and services that Statistics Canada tracks increased by more than two per cent from April 2021, according to Claire Fan, an economist at Royal Bank of Canada. Excluding gasoline, the index rose 5.8 per cent from a year earlier, the most since Statistics Canada created that sub-index in 1999.
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