Victoria’s March inflation rate higher than any other Canadian city

B.C. rate a result of food, housing costs

Victoria had the highest inflation rate of any Canadian city last month – reading at 2.7 per cent, its March inflation rates were above Victoria’s 2018 yearly average of 2.4 per cent.

Graham Voss, chair of the department of economics at UVic, said South Islanders might be feeling a pinch at the grocery store, but the reading isn’t something to worry about at, at least not at this point.

READ ALSO: Victoria sees highest gas prices on record

“It’s certainly interesting, but you would want to look at it over a longer period of time before you get worried about it,” he said, adding that historically B.C. has had, on average, a lower inflation than much of the rest of Canada.

Voss said calculating inflation is a volatile practice, especially at more micro levels – the Bank of Canada pays attention to the national rate, but the numbers become increasingly unstable when you calculate month to month changes in provinces and cities.

“It’s not irrelevant in the fact that it’s an accurate measure in a basket of goods Victorians are buying,” he said. “It does mean that we’ve seen an increase over the years.”

Vancouver came in second at 2.5 per cent. And overall, B.C.’s inflation rate was at 2.6, mostly thanks to the inflation in food prices (4.3 per cent ) and shelter (3.4 per cent).

The reasons behind an inflation reading are almost incalculable, but the provincial rate points to jumps in housing and food costs.

“It very much depends upon the conditions within B.C. as a whole,” Voss said. “There is a fair amount of activity that could be pushing up costs, higher demand [or] it may be that we source a lot of our food from south of the border and those costs have gone up.”

RELATED: Inflation rises 1.9% on higher prices for fresh vegetables, mortgage costs



nina.grossman@blackpress.ca

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Saanich farm stands can stay open

Council amending bylaw to allow for temporary use permits

Greater Victoria’s first BC Cannabis Store could open at Saanich shopping centre

Store application for Uptown Shopping Centre headed for public hearing

Study looks at feasibility of Vancouver Island abattoir

South Island Prosperity Partnership funds study looking at local meat processing

Royal B.C. Museum reopens in phases, some galleries remain closed to start summer

Victoria museum and archives open first galleries June 19

B.C. records no new COVID-19 deaths for the first time in weeks

Good news comes despite 11 new test-positive cases in B.C. in the past 24 hours

Tahsis opens its gates to visitors to save local economy

Seasonal local businesses that rely on tourism hope to survive despite drop in tourist numbers

BC Corrections to expand list of eligible offenders for early release during pandemic

Non-violent offenders are being considered for early release through risk assessment process

Facing changes together: Your community, your journalists

The COVID-19 pandemic has changed the world in ways that would have… Continue reading

Fraser Valley driver featured on ‘Highway Thru Hell’ TV show dies

Monkhouse died Sunday night of a heartattack, Jamie Davis towing confirmed

Island city cancels plan for homeless camp; exploring alternative option

The plan heard strong objection from neighbouring residents and businesses

B.C. visitor centres get help with COVID-19 prevention measures

Destination B.C. gearing up for local, in-province tourism

36 soldiers test positive for COVID-19 after working in Ontario, Quebec care homes

Nearly 1,700 military members are working in long-term care homes overwhelmed by COVID-19

Most Read