Statistics Canada reported Wednesday that Canada’s annual pace of inflation has surpassed 5% – the highest since 1991. Canada’s inflation rate rose 5.1% on a year-over-year basis and up from a 4.8% gain in December 2021.
According to the agency, in the month of January, “prices rose in all major components on a year-over-year basis, with shelter prices (+6.2%) contributing the most to the all-items increase.”
The cost of food continues to skyrocket, with the price of food purchased at stores up 6.5% in the past year – the fastest pace since 2009. The cost housing is also becoming more expensive, as shelter costs increased by 6.2% in the past year – the fastest pace since 1990. Further, the cost of gasoline also increased by 4.8% during January – 31% higher than the same time last year.
Interim Leader of the Conservative Candice Bergen solely blamed the Trudeau government for Canada’s high inflation rate.
“The price of nearly everything is soaring and Canadians are struggling to get by,” Bergen tweeted on Wednesday.
“We need a solution. The Liberals are offering none.”
More and more Canadians are struggling to pay their bills as a result of the increased cost of goods.
According to the MNP Consumer Debt Index, 43% of Canadians say they’re struggling with their personal finances and paying off their debts while another 45% are concerned about meeting their living expenses.
When broken down further, the numbers show that only 27% claimed they could cope with serious crises without plunging themselves further into debt. Half of the respondents said they are $200 or less away from being overburdened financially.