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Energy prices drive P.E.I. inflation even higher, topping country at 11.1%

Hopes that inflation might have peaked on P.E.I. have been dashed by the buyer worth index for Could, launched by Statistics Canada Wednesday morning.

Inflation on the Island acquired considerably worse. The annual charge in Could was 11.1 per cent, up from 8.9 per cent in April.

As soon as once more, as has been the case for months, P.E.I.’s inflation charge was the very best within the nation.

Canada’s charge was 7.7 per cent.

The following highest was in Nova Scotia and New Brunswick, the place the speed was 8.8 per cent.

Power prices, and to a lesser extent hire, are the most important components driving P.E.I.’s inflation past the nationwide degree.

Inflation for gasoline oil and different fuels in Canada was an astonishing 95 per cent, but it surely was nearly a 3rd increased on P.E.I. Gasoline was up 58 per cent, as in comparison with 48 per cent nationally.

The patron worth index for hire eased barely, dropping from a 15.3 per cent inflation charge in March to 9.0 per cent in Could. The speed was nonetheless double that in Canada as a complete.

In some classes inflation on the Island was decrease than Canada’s.

Contemporary vegatables and fruits have been up 8.2 per cent on P.E.I., however 10.7 in Canada. Owned lodging prices have been up 4.1 per cent on the Island, and seven.2 per cent within the nation as a complete.

P.E.I.’s Official Opposition reacted to information of inflation deepening by calling on Premier Dennis King to take motion, with Inexperienced Celebration Chief Peter Bevan-Baker saying in a written assertion: “Islanders want greater than a free bag of potatoes and a block of cheese to make ends meet.”

The assertion known as on King and Finance Minister Darlene Compton “to elucidate what authorities is doing instantly — not 5 – 6 months from now — to assist Islanders dealing with threats to the wellbeing and safety of themselves, their households, and their companies.”

CBC Information reached out to the province for touch upon the inflation numbers, however has not but obtained a response.

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