The cost of living in Canada has jumped by 2.4% last month, which is the fastest it’s risen in two years.
The inflation rate is due to things like more expensive tomatoes, higher gas prices and higher clothing costs.
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Concerns about recent events in the Middle East pushed up gas prices by 11.2% compared to January 2019. TD economist James Marple told CBC that the re-introduction of a carbon tax in Alberta is also part of the reason prices rose. But he doesn’t think that will last, he added.
“While oil and gasoline prices rose at the start of January, they plummeted through the month as news around the COVID-19 outbreak spread,” Marple explained.
Food played a large role in the inflation rate as well, as tomatoes got 10.8% more expensive in the past year. That is mostly due to changes in weather through the U.S. and Mexico, where tomatoes are grown and sold here in Canada.
Additionally, clothing prices have risen by 3.9%, which is the highest annual figure since 1991.
This report comes in time for B.C.’s latest budget set for 2020-2021. The provincial government announced then that it would be adding an additional tax to sugary drinks as well as streaming services.
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