Quebec Inflation Rates Soared In May — Here's What Has Increased In Cost The Most
Inflation in Quebec is the highest it's been in over 30 years!
Much like the rest of the world, Canada is seeing some of its highest inflation rates in over three decades.
Well, Quebec's economy is seeing similar patterns as the province's inflation rate increased to a dismal 7.5% in May 2022, which is an unwelcome jump from April's 6.8%.
The Institut de la Statistique de Québec released its May update, and the Consumer Price Index, which measures changes over time in the prices paid for goods and services, increased by +0.70% in the span of a month.
This makes Quebec's current inflation rate the highest it has been since 1991 when the Consumer Prices Index had reached record highs of 8.3%.
Although a +0.70% inflation jump isn't too significant from one month to another, the situation becomes quite alarming when you take into consideration that Quebec's inflation rate was 5.1% at the start of 2022.
As for nationwide rates, Canada's inflation increased by nearly 1% from April to 7.7%, which is the highest the country's rate has been since 1983.
Now, when it comes to what's costing Quebecers even more now — food, gas, and housing remain the most expensive categories.
Grocery costs increased by +0.20% since April, while restaurant prices jumped by +0.30%.
Gas prices have also reached record highs and witnessed a whopping jump from April to May — rising from 32.2% to 40.9%.
Despite Quebec increasing its minimum wage earlier this month by 5.5% to $14.25, an hour, the new wage still remains two percentage points below the province's current inflation rate.
This article's cover image was used for illustrative purposes only.