We have written a lot about the gas price spikes in the past months and a recent figure released by Statistics Canada shows just how bad the issue is. Since last summer, gas prices have risen by almost 25 percent!
And it looks like this is no longer an isolated issue.
Time to start saving your pennies folks. New data released by stats Canada is also showing that the cost of living in Canada is going up at its fastest pace since 2012. Spiking gas prices is just one of the contributing factors.
As a result of higher gas prices and other factors such as expensive airline tickets, Canada's annual inflation rate rose to 2.5 percent in June and consumer prices grew at their fastest pace in more than six years.
Just to give you a picture of what's considered "high" and "normal" when it comes to inflation, a normal rate of inflation is said to be around 2%.
What does all this mean for the average Canadian? A lot. Inflation is just another way of saying that all around consumer goods are going to get more expensive. And that's not ideal for anyone. As you can see the Tweet for StatsCan declaring an increase in Canada's Consumer Price Index.
Generally speaking, when inflation like this occurs the entire economy is affected. Especially impacting the cost of living, the cost of doing business, borrowing money, and mortgages.
That said, different inflation rates have been observed across the country and looks like we are the lucky ones in Quebec with the lowest inflation rate has been an ideal 2% over the past year.