Canadian inflation rate rises to 3.6%, highest in ten years
Statistics Canada said that Canada’s inflation rate rose to 3.6% in May, the fastest growth rate in a decade.
The data agency said in a press release on Wednesday that the cost of almost everything from housing and vehicles to food, energy and consumer goods is rising at a much faster rate than usual.
In the year to May, housing costs increased by 4.2%, the fastest increase in roofing costs since 2008. Moreover, the cost of filling houses with furniture and electrical appliances has also risen by 4.4%. percentage. This is the fastest growing rate of so-called durable goods since 1989.
In particular, furniture prices have risen by 9.8% in the past year, the largest increase since 1982. Last month, the government imposed tariffs of up to 300% on certain types of upholstered furniture from China and Vietnam.
Gasoline prices have risen by 43% in the past year, and this number looks particularly high because the demand and price of gasoline have dropped compared to May last year. But even on a monthly basis, compared with April’s level, gasoline costs in May rose by 3.2%.
Gasoline is not the only part of driving that has become more expensive, as the price of new cars has risen by 5% in the past year.This is the biggest increase in car prices since 2016, and the biggest reason is Continued shortage of semiconductorsThis global trend has pushed up the price of any product that uses microchips.
Guest accommodation prices rose by 6.7%. This is the highest level since the pandemic began and the demand for hotel accommodation plummeted.