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

Just Posted

Sidney to hear cycling story for the ages

72-year-old Bill Brooks cycled from the Arctic Ocean to the Salish Sea

Former runaway teen helps find missing youths through social media

Alex Meikle created the Facebook group Greater Victoria Missing & Runaway Teens

Sidney could take additional action around speculation tax

Council to consider steps later this fall after staff review of provincial statistics

Candidate Corner: Cowichan-Malahat-Langford hopefuls talk environment and climate change

This is part one of a four-part series outlining candidates’ thoughts on key topics

Victoria offers $63,000 in grants to build better neighbourhoods

Grants are up to $5,000 for placemaking projects and up to $1,000 for activities

VIDEO: Greater Victoria, here’s the news you missed this weekend

Andrew Berry trial nears end, Victoria joins tree-planting pledge and more

VIDEO: Grizzly bears fight along northern B.C. highway in rare footage

Cari McGillivray posted the head-turning video, shot near Stewart, B.C., to social media

Give severely addicted drug users injectable medical-grade heroin, guideline says

CMAJ article outlines best practices for innovative treatment that’s been lacking in overdose crisis

B.C. court hears disclosure arguments in Meng Wanzhou case

Huawei exec argues she was unlawfully detained at YVR last December at direction of U.S. authorities

Trudeau attacks Scheer, Harper, Ford in first federal salvo for Ontario

Liberal leader targets three big conservative rivals in second full week of campaign

Three second-half goals lead Cavalry over Victoria’s Pacific FC

Cavalry FC downed Pacific FC 4-1 on Sunday in Canadian Premiere League action

Island music trivia tournament a hit on World Alzheimer’s Day

More than $13,000 raised by people naming that tune

PHOTOS: Steller sea lion with plastic around neck rescued on Vancouver Island

Rescue staff determined the plastic band cut the protected animal’s neck approximately two inches

B.C. VIEWS: School officials join fact-free ‘climate strike’

Students, public get distorted picture of greenhouse gases

Most Read