April inflation rate hits 31-year high

Submitted to Cost of living

The cost of living continues to climb as the inflation rate reached 6.8% in April, a 31-year high. Statistics Canada reported that food and shelter were the main factors, with food prices up 9.7% from last year and shelter costs up 7.4%.

Russia’s invasion of Ukraine affected the cost of food “with consumers paying more for nearly everything at the grocery store.” Since average hourly wages only increased 3.3% in April, workers buying power declined.   

One small bright spot? Gasoline was a bit cheaper in April than in March, though more expensive than last year.

While economists predicted an easing in inflation in March, the April increase indicates that inflation highs have yet to peak.