Canadian Consumer Inflation continued to soar in December, on the back of unfavourable weather conditions and ongoing supply chain challenges.
The Consumer Price Index rose 4.8% on a year-over-year basis, Statistics Canada reported on Wednesday morning, signalling a slight change from the 4.7% increase announced in November.
Canadians find themselves spending more to put food on the table, particularly fresh fruit. Household staples have seen a significant increase on a year-over-year basis, specifically apples (+6.7%), oranges (+6.6%) and bananas (+2.5%).
Drought during the summer also caused a notable increase (4.7%) for bakery products, StatCan noted.
Other products recording a sizeable increase include durable goods, which are products used repeatedly or continuously.
Purchasing a new vehicle cost 7.2% more than it would have a year prior, largely due to the global shortage of semiconductor chips.
Household appliances and laundry and dishwashing appliances will also leave your pocket lighter than it would have a year ago.
Inflation in New Brunswick saw a 5.4% increase in December compared to the same period last year, leading all Canadian provinces and territories with the exception of Prince Edward Island, where StatCan noted a 6.7% change.
