OTTAWA (NEWS 1130) – The rate of inflation rose in April, with Statistics Canada saying the Consumer Price Index jumped to 3.4 per cent on a year-over-year basis.
This comes after a gain of 2.2 per cent in March.
The agency says consumer price growth “rose at its fastest pace since May 2011 amid the third wave of the COVID-19 pandemic.”
Yes, we're paying a lot more for several things compared to last April. (when the economy was closed)
CPI up 3.4% y/y
Core CPI up 2.1%
Gas prices up 62% y/y
Home replacement costs up 9.1%
Electricity up 18% in Ont.
Food up 0.9%
Wooden furniture up 9%
— mike eppel (@eppman) May 19, 2021
Experts were not surprised by the jump in April, considering sweeping COVID-related shutdowns across the country the same time last year. The inflation rate in April 2020 plunged due to health measures, which effectively shuttered businesses and put many out of work.
On a seasonally adjusted monthly basis, the rate of inflation was up 0.6 per cent in April.
We’ll have more in Business at :26 and :56.