IT’S NO SURPRISE CONSUMER PRICES ARE ON THE RISE
Metro Vancouver’s economy has a lot going for it these days: near record-high growth in employment, near record-low unemployment, rapidly-rising wages, and a housing market where prices have moderated over the past 18 months (though they are still high by Canadian standards). We would, therefore, be remiss to expect that inflation (the rate at which consumer prices change year-over-year) would be tame: indeed, the latest data on inflation for the Vancouver market clocked in at 2.7%—35% higher than Canada’s 2.0% and higher than each of the region’s peer markets of Edmonton (1.8%), Calgary (1.1%), and Toronto (2.0%).
The good news, insofar as the cost of living is concerned, is that the rate of inflation has fallen in almost all parts of the country when compared to one year ago including here in Metro Vancouver where inflation has eased from 3.0%. When slowing inflation is considered against the backdrop of the robust year- over-year changes in wages seen across BC, a relatively rosy picture is painted for residents of this region after years of rapidly-rising consumer prices and stagnating earnings.
A MODERATION OF PRICE INFLATION
SOURCE: STATISTICS CANADA
DATA: CHANGE IN CONSUMER PRICE INDEX
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