Multi-Decade High Inflation Hits Canadians
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Multi-Decade High Inflation Hits Canadians

By: Dylan Sikes – AllPennyStocks.com News

Friday, May 20, 2022

Inflation continued to take its toll, as Canada’s Consumer Price Index (CPI) increased 6.8 percent year-over-year in April—the largest increase since 1981. However, at 0.6 percent, the April print was less than the 1.4 percent seen in March.   

The increase was driven by rising food and shelter prices and was up slightly from March, when inflation hit a 31-year high with a 6.7 percent increase from the year before. Economists had forecast that inflation would remain flat at 6.7 percent. Gasoline pricing fell slightly in April from March amid a landscape of lower global demand expectations. Food was up 8.8 percent, year-over-year, while shelter costs were up 7.4 percent. Higher shelter costs were in part due to higher interest rates, which raised mortgage interest costs.

The CPI represents changes in prices as experienced by consumers, measuring price changes by comparing, through time, the cost of a fixed basket of goods and services. 

The heightened pace of inflation increased the likelihood of another 50 basis point interest rate hikes by the Bank of Canada at its forthcoming June policy meeting.  

 


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