indicatorThe Owl

Inflation remained high in January

Prices in Alberta were 4.8% higher than a year ago

By Rob Roach, ATB Economics 16 February 2022 1 min read

The headline inflation rate in Alberta in January was 4.8%, unchanged from December. The last time inflation in Alberta was above this was in October 2007 when it hit 5.0%.

The highest rate on record for Alberta is 13.9% and was reached in August 1981.

Nationally, inflation rose from 4.8% in December to 5.1%—the highest national level since September 1991.

The price of energy energy products* in Alberta was 32.0% higher in January 2022 than in January 2021. If energy is excluded, Alberta’s inflation rate last month drops to 2.9%.

At 23.1%, the cost of energy also rose nationally, but by less than in Alberta. When energy is excluded, the national inflation rate falls to 4.0%.

Food costs were up in Alberta by 5.7% while shelter costs rose by 5.5%. Food was up by the same amount nationally but the increase in shelter costs was greater at 6.2%.

With headline inflation well above the Bank of Canada’s target of 2.0%, the expectation is that the Bank will raise interest rates several times this year with the first increase announced on March 2.

*The special aggregate "energy" includes: electricity, natural gas, fuel oil and other fuels, gasoline, and fuel, parts and accessories for recreational vehicles.

Answer to the previous trivia question: According to Motortrend, the fastest production car in the world is the SSC Tuatara. There is some controversy surrounding it, but the Tuatara recorded an average top speed of 316 mph in a run in October 2020.

Today’s trivia question: When did the first gold coins appear?

Alberta's inflation rate stayed at 4.8% in January 2022

Alberta's inflation rate stayed at 4.8% in January 2022

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