Official Inflation Rate Rises To 2.1%, Gas Prices Up 19.6% Year-Over-Year

With many Canadians already struggling with the rising cost of living and large debt burdens, escalating carbon taxes will make life even more expensive.

Inflation is going up.

The official inflation rate (which likely undercounts the true increase in the cost of living), went up to 2.1% in November, the highest level in almost a year.

A big driver of the increased rate was the surge in gas prices, which went up 19.6% year-over-year.

This increase comes despite the fact that Canada has massive oil reserves, and should be able to provide our citizens with inexpensive gasoline at stable prices.

The inflation rate went up the most in Manitoba (3.2%), and Saskatchewan ($3.7).

Real inflation rate much higher?

Many doubt whether the true inflation rate is really being recorded in the “official” stats.

After all, it’s rare to find anyone who really feels that the cost of living has gone down at all in the last decades, and many families now require two incomes to barely afford what was once easily available on one income.

Additionally, record high household debt levels point to the fact that many people are only holding on to their standard of living by borrowing more and more money, which is a key indicator that the cost of living has been increasing far more than the government stats suggest.

Of course, rather than help the situation, the Trudeau government is making things worse by imposing ever escalating carbon taxes and increasing regulations – both of which raise the cost of living even further.

It’s almost as if our ‘leaders’ don’t really want us to be financially free.

Spencer Fernando

*****
You can support SpencerFernando.com by becoming a monthly contributor through Patreon, or making a contribution through PayPal.