Everything is expensive. Why?
Canada’s official inflation rate hit 6.8 per cent for April, the highest in over 30 years. Today, we break down why the price of everything from gas to groceries seems to be soaring.
Inflation is obvious in Canada, but the reasons for it are a little more complicated.
Prices at gas stations rose above $2 a litre in many parts of the country, while the cost of pasta is up 20 per cent at grocery stores. Canada's official inflation rate hit a three-decade high in April, rising at a 6.8 per cent annual pace.
But what's behind these sticker-shocking prices can't be explained by any one factor; the ongoing war in Ukraine, climate change and even some unprecedented monetary policy all contribute to the current situation.
Today, CBC business reporter Pete Evans joins Front Burner to sort through the myriad reasons prices keep rising and why the current inflation in Canada doesn't mean the federal COVID-19 stimulus was a mistake.