P.E.I.'s inflation highest in country, and accelerating

P.E.I.'s inflation rate continues to grow.

Year-over-year the inflation rate was 6.6 per cent in October. That grew to 7.0 per cent in November.

It's well above the national average of 4.7 per cent, which held steady from October to November, as well as being much higher than pre-pandemic inflation rates.

From February of 2019 to February 2020 the inflation rate was 2.2 per cent.

Statistics Canada said the increase on P.E.I. was mainly due to heating costs.At the end of November last year heating oil cost a maximum of $0.771. At the end of November this year it was $1.175.

In its own analysis of the figures, the provincial government cited a 50 per cent increase in gasoline costs as well as a 17 per cent increase in homeowners' replacement costs in the 12 months leading up to November.

During the pandemic P.E.I. actually experienced deflation, with the CPI dropping from 139 in November 2019 to 138.3 in November 2020.

The consumer price index was 148.0 for P.E.I. last month.