Canada’s annual inflation is at its highest point in more than 30 years.
The annual rate of inflation hit 6.7 per cent in March, the fastest year-over-year increase in the consumer price index in over 31 years, Statistics Canada said on Wednesday.
A number of global factors continue to impact inflation, according to Statistics Canada, including Russia’s war in Ukraine, supply chain issues due to the COVID-19 pandemic, and the ongoing price pressure in Canada’s housing market. Some experts say the high price of goods is here to stay.
As prices climb, Canadians’ average hourly wages were up by 3.4 per cent, still far behind inflation and eating into consumers’ purchasing power across income levels, according to BMO chief economist Douglas Porter, who said the difference between inflation and wages is “not sustainable.”
With these rising costs, some Canadians may be finding ways to save money, whether it’s by driving less, cutting down on groceries or holding off on entering the housing market.
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With files from Brooklyn Neustaeter and The Canadian Press.
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