Inflation in this country has reached levels not seen in three decades as the Canadian economy deals with rapidly rising COVID-19 cases linked to the Omicron variant, threatening to worsen supply chain issues that have sent consumer prices higher.
The Consumer Price Index in November rose 4.7% from November 2020 – matching October’s CPI which was the highest in 18-years.
But if you move the decimal over one, inflation last month was 4.72% – the highest since September 1991.
Groceries jumped 4.7% last month from 3.9% in October.
Prices for fresh or frozen beef climbed 15.4% due to drought conditions that made feeding livestock more expensive.
With inflation running higher than the average salary increase, Statistics Canada says Canadians’ purchasing power has declined.
The Bank of Canada still expects inflation to ease next year.