Alberta Mirror

Sunday, October 2, 2022

Canada’s inflation percent increases to a recent 30-year high of 4.8%

Alberta

Key takeaways: 

  • Grocery costs are rising at the snappiest pace in almost a decade.
  • Consumer price index at 4.8%. 

Canada’s inflation rate at 4.8% record of 30 year high: 

The Consumer Price Index rose at an annual rate of 4.8 percent in December, as sharply more increased costs for food directed to the expense of living going up at its swiftest rate since 1991.

Statistics Canada noted Wednesday that grocery costs rose by 5.7 percent, the most significant annual boost since 2011.

Two things are battering the cost of fresh produce; the data agency stated: “adverse climate conditions in developing provinces, as well as supply chain troubles.” The price of apples rose by 6.7 percent in the previous year, and oranges by nearly as much — 6.6 percent.  Source – cbc.ca

Read more: Edmonton’s public school board desires the region to extend COVID-19 child vaccination alternatives

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

The U.S. is the leading supplier of oranges to Canada. Because of poor climate and a plant disease called citrus greening, the central growing province of Florida has been on track to make the least number of oranges since 1945. 

That’s driving the cost of frozen concentrated orange juice to soar on commodities markets.

“If you’re an orange juice drinker, it means your costs are going to be moving up at the store,” analyst Phil Flynn, with Chicago-based commodity trading company Price Group, informed the media. “The price of orange juice has nearly doubled here in the previous few months, and that’s going to be passed down to the customers.” Source – cbc.ca

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