Inflation in British Columbia has outpaced inflation in many other parts of Canada during the last year, according to new statistics.
The Consumer Price Index (CPI) rose 2.2 per cent in October 2019 compared to October 2018, according to Statistics Canada. By comparison, the national inflation rose 1.9 per cent during the same period. British Columbia was among three provinces which saw increases of 2.2 per cent. Only Quebec recorded a higher increase with 3.2 per cent.
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Two factors mainly contributed to the increase: the cost of housing and the cost of owning a vehicle. Mortgage interest rates rose seven per cent, while rent rose 3.7 per cent. Passenger vehicle insurance premiums rose nine per cent, while the cost of vehicle purchases rose 1.8 per cent. This said, the cost of gasoline dropped 6.7 per cent.
Internet and telephone services also cost less this October compared to October 2018, dropping 7.9 per cent and 3.8 per cent respectively.
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