According to Statistics Canada, inflation rates in the country have risen to 3.6 per cent in May. The agency said today that the cost of just about everything is going up at a pace faster than usuals. These products range from shelter and vehicles to food, energy, and consumer goods.
In May, the cost of shelter rose by 4.2 per cent and the cost to fill the home with furniture and appliances is up by 4.4 per cent. Canada has not experienced price increases this quickly since 2008. Specifically, furniture had exploded in price as the cost rose by 9.8 per cent. This can be a result of the government placing tariffs up to 300 per cent on upholstered furniture from China and Vietnam.
Gasoline prices have increased by 43 per cent in the past year only because last year in May gasoline prices were very low. If you look on a monthly basis the cost of gasoline increased 3.2 per cent from April to May. The price of new cars increased by 5 per cent in the last year which is due to the ongoing shortage of semiconductors.
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