Decades-high inflation has Canadians worried about the rising cost of living, but as gloomy as things may seem, Canada appears to be faring better than many other major economies.
Its national inflation rate is still lower than that of the United States, the European Union and the United Kingdom — whose year-over-year inflation rose to an eye-popping 11.1 per cent in October.
Inflation in Canada reached the highest levels since 1981 in the summer, with rates creeping steadily higher since the lifting of COVID-19 restrictions. Prices were up 8.1 per cent in June compared to a year earlier. Now, as central banks act in unison to quash inflation, Canada’s extraordinarily high inflation rate is still lower than that of key allies.
And as in Canada, inflation in the U.S. appears to be slowing. The latest inflation report from the U.S. Bureau of Labor Statistics shows the inflation rate slowed to 7.7 per cent in October, a positive surprise for forecasters. “That’s the primary reason why Europe’s inflation rate is so much higher than it is here in North America,” Porter said.Sign up for our newsletter to get breaking news and daily digests sent to your email.Central banks globally are moving to clamp down on high inflation with interest rate hikes designed to slow economic growth.
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