Inflation rose to 6.8% in April in Canada

Mainly propelled by rising fuel, housing and food prices, theIPCconsumer price index increased by 0.1 percentage point compared toIPCconsumer price index from March which was +6.7% From one year to another.

We have to go back to January 1991 (+6.9%) to find such a significant rise in inflation.

Excluding gasoline, which has seen major price increases since February, inflation still reached 5.8% in April compared to the same period last year.

This is the most pronounced increase inIPCconsumer price index overall, excluding gasoline, since its introduction in 1999, reports Statistics Canada.

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Jump of nearly 10% in the grocery basket

Russia’s invasion of Ukraine at the end of February continued to influence energy, commodity and, especially, food pricespoints out Statistics Canada.

Canadians paid 9.7% more for their food in stores in April 2022 compared to April 2021.

This is the fifth month in a row that analysts have reported increases of more than 5% in food prices.

Compared to April 2021, fresh fruit costs 10% more, vegetables 8.2% more, while meat has increased by 10.1%. Bread increased by 12.2%, pasta by 19.6% and rice by 7.4%.

This is the largest food price spike seen since September 1981.

Marked rise in house prices

As for housing prices, they rose 7.4% year over year in April.

<q data-attributes="{"lang":{"value":"fr","label":"Français"},"value":{"html":"Il s'agit de la hausse la plus marquée depuis juin 1983. La majoration des prix des sources d'énergie qui servent à chauffer les maisons, comme le gaz naturel (+22,2%) and heating oil and other fuels (+64.4%), contributed to the rise”,”text”:”This is the largest increase since June 1983. Rising prices for energy sources used to heat homes, such as natural gas ( +22.2%) and heating oil and other fuels (+64.4%), contributed to the increase”}}”>This was the sharpest increase since June 1983. Higher prices for energy sources used to heat homes, such as natural gas (+22.2%) and fuel oil and other fuels (+64 .4%), contributed to the increasecan we read in the latest publication of Statistics Canada.

The mortgage cost index, for its part, rose by 0.2% from March to April. This is the first increase in this index since April 2020.