Inflation In Canada Has Skyrocketed — Here's Which Products Are Costing More

In February, consumer goods saw the biggest overall year-over-year price jump in more than 30 years, according to the latest Consumer Price Index from Statistics Canada. Higher costs for gas, food and housing drove the 5.7% inflation in Canada, the federal agency said.

The steep price for gas is top of mind nationwide. StatsCan said Canadians paid 32.3% more for gas in February 2022 than they did 12 months prior, a jump spurred in part by conflicts in Europe and the Middle East.

If we take gasoline out of the equation, inflation in February 2022 would have been just 4.7%.

Grocery store food prices were up 7.4% — the biggest year-over-year increase in almost 13 years — due to higher costs for production and transportation, according to the Index.

The prices of meat, dairy and bread were all up in February, by 11.7%, 6.9%, and 3.7% since February 2021, respectively. Though Statistics Canada notes that in the case of bread, price growth slowed compared to January.

The Index summary also notes that Canadians saw the cost of shelter increase by 6.6%, the "fastest pace since 1983." "Owned accommodation" prices were up 6.2% and rental prices were up 4.2% nationwide in February.

Appliances were more expensive, too, by 7.8% overall. Prices for cooking appliances increased by 9.4%, refrigerators and freezers by 15.6%, and dishwashers by 9.1%, Statistics Canada said.

In Quebec, politicians are debating how best to offset inflation. The Quebec Liberal Party has called for a suspension of the sales tax on Hydro-Québec bills and some small basic necessities, such as toothbrushes.

Premier François Legault has promised the government will put "more money" in Quebecers' "wallets" with the next provincial budget but hasn't specified how that will happen.