The annual inflation in Canada rate hit 5.1% in January – the first time it has surpassed the 5% mark for over 30 years, according to Statistics Canada.
That increase, which followed a 4.8% rise in December, marked the highest rate of inflation since September 1991, the national statistics agency said this morning.
StatCan noted that housing was one of the sectors most significantly affected by rising prices for goods and services, with Canadians also feeling the squeeze on food and gasoline costs.
Shelter costs – the average monthly total of expenses paid by households that own or rent their dwelling – were up 6.2% over last year, setting the quickest pace for 32 years.
“Higher prices for new homes contribute to higher costs associated with the upkeep of a property, or the homeowners’ replacement cost,” the body said. “Higher home prices also tend to raise other owned accommodation expenses.” # SANDI HALPERN # SOLD # LEASED # REAL ESTATE MARKET #INFLATION
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