Inflation in Canada hasn't been this high since January, 1991.
Statistics Canada's consumer price index (CPI), a gauge of the cost of 700 goods and services that we typically buy every month, captures the average shopping experience of Canadians.
The latest CPI numbers show just how widespread inflationary pressures were in March, with prices rising across major categories including food, shelter, transportation, and gasoline prices.
Canadian housing markets, supply chain pressures, and geopolitical conflict have all combined to impact prices and contribute to rising inflation.
Using Statistics Canada data, CTVNews.ca has created a series of charts to highlight the sharp rise in prices across major sectors.
Higher prices for gas and energy
Gasoline prices rose 39.8 per cent in March year over year from $181.3 in March in 2021 to $253.4 this year. Following Russia’s invasion of Ukraine, global oil prices surged in March due to supply uncertainty, according to Statistics Canada.
Energy prices saw a 27.8 per cent surge from last year. In March, prices rose from $167.4 in 2021 to $213.9 in 2022.
Food, shelter, and transportation continue to spike
Food inflation rose to 7.7 per cent in March this year— the highest it’s been since January 2011.
Shoppers paid 8.7 per cent more for food purchased in stores over a yearly basis in March than they did in February—largely due to high input prices and rising transportation costs.
A more detailed analysis by Statistics Canada revealed that people paid more for dining out. In March, Canadians paid more to dine out, as prices for food purchased from restaurants rose at a faster pace (5.4 per cent) year over year than in February (4.7%).
Shelter and transportation, too, saw a rise from last month with 6.8 per cent and 11.2 per cent, respectively. With strong demand for domestic travel and trips to the U.S. during March, air transportation prices also saw an increase.
The report showed that high prices of durable goods were driven by passenger vehicles and furniture. Due to supply chain issues and higher shipping prices, Canadians paid higher prices for furnishings. In March, household operations, furnishings and equipment saw a surge of 4.5 per cent from 2.7 per cent in February.
Inflation rises across all provinces
Inflation increased at a faster pace in March than in February in every province. A high price growth was seen Prince Edward Island (8.9 per cent), followed by New Brunswick (7.4 per cent), Manitoba (7.4 per cent) and Ontario (7 per cent)
While the price growth in the Atlantic provinces was driven by fuel oil and other fuels, that are used for heating up homes, the gains in Manitoba and Ontario were led by gasoline.
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