According to Statistics Canada, the annual inflation rate in April climbed to 6.8 per cent. In March, the inflation rate was at 6.7 per cent. The rate was the highest since January 1991 when the annual inflation rate was 6.9 per cent.
The Bank of Montreal chief economist Douglas Porter wrote “The key takeaway from April’s CPI release is that inflation is spreading much more broadly, and at clear risk of getting firmly entrenched, … Barring a deep dive in oil prices in coming weeks and months, we expect that the worst is yet to come on the headline readings, and that inflation north of six per cent will still be with us by the end of the year.”
The overall food costs rose to 8.8 per cent compared to a year ago. Canadians are paying 9.7 per cent more for food at stores which is the largest increase since September 1981. Compared to last year, fresh fruit was up 10 per cent, fresh vegetables gained 8.2 per cent and meat rose 10.1 per cent.
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