Canada’s inflation climbs to 5.7% in February, highest figure in 30 years
Statistics Canada released Canada’s inflation data for February 2022 on March 16.
“In February, Canadian consumer prices increased 5.7% year over year, up from a 5.1% gain in January. This was the largest gain since August 1991 (+6.0%). February marked the second consecutive month where headline inflation exceeded 5%”, the release reads.
12-month change in the Consumer Price Index (CPI) and CPI excluding gasoline
“Price increases were broad-based in February, pinching the pocketbooks of Canadians. Consumers paid higher prices for gasoline and groceries in February 2022 compared with the same month a year earlier. Shelter costs continued to trend higher, rising at the fastest year-over-year pace since August 1983”.
Prices rise in all major components
The cost of energy for Canadians increased by a double-digit figure: “Canadian motorists paid 32.3% more at the pump compared with February 2021”, Stats Can wrote.
“Monthly gasoline prices increased 6.9% amid geopolitical conflict in Eastern Europe and the Middle East, as uncertainty surrounding global oil supply put upward pressure on prices. Similarly, prices for fuel oil and other fuels increased 8.5% month over month following higher international energy prices”.
Canadians paid a lot more for their essential groceries: “Prices for food purchased from stores (+7.4%) rose at a faster year-over-year pace in February than in January (+6.5%). This is the largest yearly increase since May 2009. Higher input prices and heightened transportation costs continued to contribute inflationary pressure in February. Price growth for meat (+11.7%), including fresh or frozen beef (+16.8%) and chicken (+10.4%), was higher year over year in February than in January (+10.1%).”
Prices for food purchased from stores rise
“On a year-over-year basis, prices for dairy products and eggs were up 6.9%, following a 4.5% gain in January, as the farm gate milk prices producers receive increased on February 1, 2022 to partially offset higher production costs. In contrast, price growth for bread, rolls, and buns (+3.7%) slowed year over year in February compared with January (+7.5%)”, Stats Can wrote.
“In February, shelter costs rose 6.6% year over year, the fastest pace since August 1983. Higher costs for both owned accommodation (+6.2%) and rented accommodation (+4.2%)”, Statistics Canada wrote about the cost of housing.
Year-over-year change in owned and rented accommodation prices
Newly released data by the Canadian Real Estate Association also shows that the average price of a Canadian home has reached $816,720, up 20.6% from last year, climbing to an unprecedented high.
The ongoing inflation is raising the cost of living for all Canadians and predominantly affecting middle-class and lower-income households.
The inflation is in part due to supply chain hurdles related to the COVID-19 pandemic and an unprecedented expansion of the money supply through government deficits and fiscal programs.
Experts warned the Trudeau government that such large deficits would generate inflation, but the liberal government went ahead with fiscal programs and unprecedented deficit spending.
If anyone still thinks it is the Russia-Ukraine crisis that is to blame for gas price increases, you've missed the boat. This is a planned and deliberate inflation. It is meant for a reason. It has a "target." And "they" (the Global Elite who own your elected officials) are going to pain you into going "their" way. VOTE OUT ALL INCUMBENTS. DO NOT VOTE FOR ANY MAJOR PARTY CANDIDATE.