The annual rate of inflation in Canada in May was 7.7%. That’s higher than known for decades.
Higher energy prices resulting from Russia’s invasion of Ukraine must be a major factor, directly and indirectly, coupled with an increase in travel from the vacation-staved.
The international influence is evident in the stats for other countries. The Eurozone, US, and UK all have higher inflation than Canada.
Perhaps like me, you recall the late 1970s and early 1980s with inflation above 10%. I had to renew a mortgage at nearly 20%.
This chart from Trading Economics gives a century-long perspective on inflation in Canada. For 30 years and more, inflation has been controlled in Canada leading a perception of what’s normal for most of us. How did your parents and grandparents deal with the inflation spikes of the 1950s and the massive deflation of the 1930s? Was there an impact on your family history?