The cost of goods and services in Canada jumped in April, Statistics Canada says

Statistics Canada says the inflation figures for April show a year-over-year increase of 6.8 per cent, largely blamed on food and shelter prices.

It is a slight increase from March, when the national inflation rate hit the fastest pace since 1991.

“Excluding gasoline, the CPI rose 5.8% year over year in April, after a 5.5% gain in March. This was the fastest pace since the introduction of the all-items excluding gasoline special aggregate in 1999,” the agency said Wednesday.

The agency also points out the consumer price index continues to rise faster than wages which means you’re going backwards in terms of your purchasing power.

The central bank raised its key interest rate in an effort to cool inflation last month, and it is expected more hikes are coming.

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While gas moderated slightly in April, the invasion of Ukraine continues to impact energy, commodity, and food prices, the agency says.

“Basics, such as fresh fruit (+10.0%), fresh vegetables (+8.2%) and meat (+10.1%), were all more expensive in April compared with a year earlier. Prices for starchy foods such as bread (+12.2%), pasta (+19.6%), rice (+7.4%) and cereal products (+13.9%) also increased. Additionally, a cup of coffee (+13.7%) cost more in April 2022 than in April 2021,” Statistics Canada said.

Also up, rent prices in several major cities, bumping the average up nearly five per cent. Overall, renters in Ontario (+5.3%), Quebec (+4.3%) and British Columbia (+6.4%) saw the largest increases in April.

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