Annual inflation in Canada surpassed 5% for the first time since 1991, according to Statistics Canada.
In its monthly report, StatsCan indicated annual inflation rose to 5.1% in January, compared to a 4.8% gain recorded in December 2021.
For comparison, during the same period last year, the Consumer Price Index increased by 1.0% on a year-over-year basis.
Canadians find themselves paying significantly more for gasoline (31.7%), food (5.7%), and housing (6.2%).
According to StatsCan, excluding gas, the CPI rose 4.3% last month – the fasted pace since the index was introduced in 1999.
At the root of the increases are ongoing supply chain issues and elevated consumer energy prices.
