(Dreamstime)

By David Opinko

Grocery and gas prices up significantly in 2021 as inflation outpaced wages

Jan 21, 2022 | 10:56 AM

LETHBRIDGE, AB – Stats Canada has released new data that backs up claims about the rising cost of living in the country.

In December 2021, the Consumer Price Index (CPI) rose 4.8 per cent compared to the same period in 2020.

During that time, they report that wages grew by just 2.6 per cent, meaning the average Canadian has less money left over after their regular expenses.

They say poor weather in much of the country exacerbated existing supply chain issues, leading to higher prices for most goods.

Drivers paid 33.3 per cent more for gas than a year before, which is one of the largest percentage increase for the included categories. At the same time, gasoline was 4.1 per cent cheaper than in November 2021, the largest monthly decrease since April 2020.

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Home and mortgage insurance rose by 9.3 per cent while the cost of passenger vehicles went up by 7.2 per cent.

Food also got more expensive as grocery prices grew by an average of 5.7 per cent year-over-year. This includes increases in fresh fruit of 5.6 per cent and bakery products by 4.7 per cent.

For Alberta specifically, CPI rose by 4.8 per cent, which Stats Canada largely attributes to higher prices for natural gas (35.5 per cent) and electricity (33.8 per cent). CPI increased by the same percentage provincially as it did nationally.

Saskatchewan, B.C., Newfoundland and Labrador, and Manitoba had smaller rises in CPI than Alberta while Nova Scotia was tied.

12-month change in the Consumer Price Index (CPI) and CPI excluding gasoline. (Stats Canada)

Prices rise in all eight major components. (Stats Canada)

Gasoline prices decrease month over month. (Stats Canada)

The Consumer Price Index rises at a faster pace in four provinces. (Stats Canada)