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Inflation Rate Hits 3.4% in Canada

Wednesday, 19 May 2021 at 12:44

The inflation rate in Canada is the highest it has been in a decade at 3.4%.

If it seems like everything costs a little bit more these days, it's because it does. 

The annual pace of inflation in Canada rose to 3.4 percent in April. This is the highest level of inflation, Canada has had in a decade. In March the inflation rate was 2.2 percent.

The price at the pumps is the biggest culprit. Gas prices jumped 62.5 percent in April. Lumber prices have also sky rocketed in the past year, making homes, furniture and any products using wood more expensive. 

The Bank of Canada had set a target of 2% for inflation. 

Some analysts are saying the inflation rates only look high because they are compared yearly to April 2020, when prices fell drastically in April and May. 

Prices dropped 0.2% in April 2020 however, which does not account for the 3.4% increase in 2021.  

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