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In August 2023, Canada's inflation rate reached four percent, primarily driven by increased gas prices. [35] Food inflation rates reached 8.5 percent. [36] In November 2024, Canada's annual inflation rate rose to 2.0% in October, exceeding analyst expectations and marking the first increase since May 2024. [37]
Why is inflation so high right now? Consumers might look at the massive 30.1 percent increase in video discs and other media — the largest increase ever — and wonder why the overall inflation ...
Used car and truck prices are up 31% over the previous year. AP Photo/David ZalubowskiConsumer prices jumped 6.8% in November 2021 from a year earlier – the fastest rate of increase since 1982 ...
If Canada responded with dollar-for-dollar tariffs, it could lead to inflation. This would result in "stagflation," he said, referring to a combination of high unemployment and rising prices.
Annual inflation increased to 8.3% in August 2022, in part due to rising grocery prices. [154] In September, the Fed increased the interest for a fifth time in the year reaching a 14-year high. [155] In November 2022, the year-over-year inflation rate was 7.1%, the lowest it has been since December 2021 but still much higher than average. [156]
Although since that time inflation-targeting has been adopted by "most advanced-world central banks", [91] in 1991 it was innovative and Canada was an early adopter when the then-Finance Minister Michael Wilson approved the Bank of Canada's first inflation-targeting in the 1991 federal budget. [91] The inflation target was set at 2 per cent. [87]
Inflation's relentless surge didn't merely persist in June. It accelerated. Here's why.
Canada's annual inflation rate unexpectedly slowed by a tick to 1.9% in November, driven by a broad-based slowdown in prices, and the consumer price index was unchanged on a monthly basis, data ...