Supply chain disruptions continue to impact Canada’s cost of living

Statistics Canada reports inflation jumped 4.7 per cent on a year-over-year basis in November, remaining stable from October.

On a seasonally adjusted monthly basis, it rose 0.3 per cent in November.

Prices for goods, vehicles, and food continue to increase compared to 2020 and the high costs are being blamed on the continuing issues with the global supply chain.

“Higher prices for gasoline (+43.6%), furniture (+8.7%) and food (+4.4%) were the main drivers of growth in headline CPI. Excluding gasoline, the CPI rose 3.6% year over year, the same as in October,” Statistics Canada reports.

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“Prices for fresh or frozen beef increased 15.4% year over year in November. Poor crop yields resulting from unfavourable weather conditions have made it more expensive for farmers to feed their livestock, in turn raising
prices for consumers,” it adds.

The result matched the year-over-year increase in October, which was the largest year-over-year gain for the consumer price index since February 2003.