P.E.I. food inflation remains high as rate of increase for other commodities eases
Kevin Yarr | CBC News | Posted: September 20, 2022 12:54 PM | Last Updated: September 20, 2022
P.E.I.'s year-over-year inflation rate peaked in May, statistics show
P.E.I.'s annual inflation rate was down in August, but prices for food continue to increase at a higher rate than for other commodities.
The inflation rate on P.E.I. fell for the third month in a row in August, from 9.5 per cent to 8.3 per cent, according to a release from Statistics Canada Tuesday morning.
P.E.I.'s inflation rate has been the highest in the country since March of 2021, and it remained the highest in August. Nationally the rate was 7.0 per cent.
Price increases began to ease for many commodities, but not for food.
In recent months energy — in particular, heating oil and gasoline — and rent have been the biggest factors driving inflation on P.E.I. above the national average.
Rent increases on the Island remain well above the Canadian rate, at 8.8 per cent versus 4.9 per cent nationally, but are now only marginally over the overall inflation rate.
The rate of price increases for fuel oil and other fuels on P.E.I., which was running in triple digits in May, fell to 37.5 per cent in July.
The rate of increase for food prices continues to climb, though, hitting 10.8 per cent year-over-year in August.
The biggest increases among grocery items applied to bakery and cereal products, preserved fruits, and seafood.