indicatorThe Owl

Inflation remained red hot in April

Consumer prices in Alberta were running high again in April with headline inflation coming in at 6.3%

By Rob Roach, ATB Economics 18 May 2022 1 min read

It was another tough month for consumers with year-over-year price growth in Alberta of 6.3% in April, down slightly from March (6.5%).

The national inflation rate was even higher at 6.8%. Prince Edward Island had the highest rate among the provinces at 8.9% while Saskatchewan had the lowest at 5.9%.

According to Statistics Canada, “Russia's invasion of Ukraine in late February continued to affect energy, commodity and, most notably, food prices.”

Food costs were up by 7.7% in Alberta compared to 6.8% in March. Gasoline prices in the province were still high at a year-over-year increase of 25.5%, but this was an improvement over the 40.2% increase in March.

Given the high rate of inflation and tight labour market, there is little doubt that the Bank of Canada will continue raising interest rates. The next announcement from the Bank is on June 1 and a 50 basis point increase in the trend-setting overnight rate is a likely scenario.

Answer to the previous trivia question: The last time the Calgary Flames and Edmonton Oilers faced one another in a playoff game was in 1991.

Today’s trivia question: Not including the current series, how many series have the Flames and Oilers played against one another in the playoffs?

Alberta's consumer price index grew by 6.3% in April

Alberta's consumer price index grew by 6.3% in April

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