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Inflation hits 30 year high: StatsCan

Albertans are paying 35% more in natural gas, and 33% more in electricity compared to January of 2021 according to Statistics Canada.

This comes as the news that the consumer price index in December rose to 4.8 per cent compared to a year ago. A national high since 1991.

Rising prices for groceries in December was caused by unfavourable weather conditions during the growing season and supply chain disruptions put upward pressure on prices, according to the government organization.

Groceries have continued to climb in December, rising 5.7% year over year, the largest yearly increase since November 2011. Prices for fresh fruit (+5.6%), including apples (+6.7%), oranges (+6.6%) and bananas (+2.5%), increased on a year-over-year basis. Unfavourable weather conditions in growing regions, as well as supply chain disruptions, led to higher prices for households, according to Stats Canada.

Homeowners, and those looking to buy a house, also got a shock to their system with todays announcement. Homeowners are now paying 9.3% more in house prices than they did at this time in 2021. That increase is due to an increases in construction costs, mainly due to higher prices for building supplies.

The Conservative Party of Canada jumped at the news with a statement issued by Leader Erin O'Toole, ""For the first time in thirty years, prices are up 4.8 per cent compared to a year ago. Millions of Canadians are feeling the pinch of inflation in their daily lives. Families and seniors are falling behind and they see the Trudeau government doing nothing to give them a break.

"Food is more expensive. Gas and home heating are costing more. Rents in many cities are skyrocketing by double digits and homeownership is out of reach for millions as prices are up a staggering 26.6 per cent in just one year," he added.

Prices at the pumps were up 33.3 per cent year-over-year in December compared with a 43.6 per cent annual increase in November as tightening of public health restrictions related to the Omicron.


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