Canada’s annual pace of inflation climbed in December to its highest rate since 1991 up to 4.8 per cent.
Driving the faster pace of price growth in December were higher year-over-year prices for food, passenger vehicles, and housing.
Kenora MP, Eric Melillo said it’s very interesting that the prices rising the fastest are on goods that are produced right here in Canada.
“Like beef, pork, even natural gas, which is all-seeing inflations rates of their own well over 10 per cent,” Melillo said.
Melillo went on to say the recent increase is a “domestic problem” as Canadians are seeing increased government spending coupled with higher taxes and regulations.
“It’s making it difficult to get their goods to market, and driving up these costs.”
Statistics Canada said in the Consumer Price Index (CPI) that grocery prices continued to climb in December rising 5.7 per cent year-over-year, which is the largest increase since November 2011.
Prices at the gas pumps were up 33.3 per cent year-over-year in December compared with a 43.6 per cent annual increase in November as tightening of public health restrictions related to the Omicron variant weighed on demand.
On a monthly basis, Canadians paid less for gas as prices fell 4.1 per cent, the largest monthly decline since April 2020.
Ontarians paid 11.8 per cent more for household appliances, which was the most across Canada. This increase contributed to the price growth in the province to be 5.2 per cent in December.
In a way to keep the Liberal's accountable Melillo along with the Conservatives are asking for a fiscal plan from the federal government.
“To reduce the deficit, and focus on making Canada a better place to do business,” Melillo added.
Melillo concluded by saying that if the Liberals continue down the current path, he is worried the situation will continue to worsen affecting Canadian’s across the country.