Quebec's inflation rate hasn't been this high since 1991!
It comes as no surprise that the cost of living has increased exponentially over the last few years, particularly in tie to Canada's rise in inflation, which is the highest it's been in over three decades.
Well, Quebec is seeing similar patterns as the province's inflation rate increased to a whopping 6.8% in April 2022.
The Institut de la Statistique du Québec released its April update, and the Consumer Price Index (CPI), which measures change over time in the prices paid by consumers for goods and services, increased from 6.7% in March to 6.8% in April 2022.
According to Quebec, the last time the province experienced numbers this high was back in January 1991 with an overall index rate of 6.9%.
While the month-to-month jump from March to April 2022 does not indicate much of a major spike, the situation becomes rather jarring when you take into consideration the hike in inflation from only a few months back.
Quebec's inflation rate in January of this year was at 5.1%, so when you take into account the nearly 2% increase since the start of 2022, the CPI uptrend doesn't appear to be stopping anytime soon.
When it comes to some of the biggest increases from March to April, food (9.2%, +1.3), restaurants (8.1%, +0.60), and fuel (32.2%, +5.5) are among the highest hike-ups.
While Quebec's $500 income tax incentive and minimum wage increase have taken effect to try to counter the increase in inflation, it still isn't cutting it for many Quebecers, especially those with lower revenue.
As of May 1, 2022, Quebec's minimum wage increased by 5.5% to $14.25, which is currently 1.3 percentage points below the rate of inflation — pointing to a plethora of issues that many in the province will continue to face as the cost of living only continues to rise.
This article’s cover image was used for illustrative purposes only.