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inflation rate canada

Statistics Canada's Consumer Price Index (CPI) for August 2022 shows inflation slowing down in Canada. But food prices are a notable exception.

The CPI was up 7% overall in August 2022 compared to August 2021. That's down from 7.6% year-over-year price growth in July. Grocery prices, meanwhile, increased by a whopping 10.8% year-over-year, up from 9.9% in July.

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The Bank of Canada isn't just fighting against the current rise in inflation, but it's also combatting claims that it's "printing money" to fund the Government of Canada.

Conservative Party leader candidate Pierre Poilievre is one of many who have called out the central bank and Justin Trudeau for "printing money," an act he claims is what has led to the highest inflation in Canada in over 30 years, which Poilievre calls "JustinFlation."

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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%.

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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.

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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.

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