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Canada’s inflation rate rises to new 30-year high of 4.8%

Grocery prices increasing at fastest pace in more than a decade

 Grocery prices are going up at their fastest pace in more than a decade.

Grocery prices are going up at their fastest pace in more than a decade.

Photo: Reuters / Natalie Maerzluft

RCI

The Consumer Price Index increased at an annual pace of 4.8 per cent in December, as food and energy led to the cost of living going up at its fastest rate since 1991.

Statistics Canada reported Wednesday that grocery prices increased by 5.7 per cent, the biggest annual gain since 2011.

The increase in the inflation rate was in line with expectations. For comparison purposes, the United States currently has an inflation rate of seven per cent, its highest since 1982.

Inflation roaring back from early pandemic nosedive.

Inflation roaring back from early pandemic nosedive.

Photo: Chart: Pete Evans/CBC Source: Bloomberg

CBC News

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