If you think you are paying more to buy things these days in Alberta, you’re certainly spot on with that feeling.
Information released Tuesday by ATB Financial’s Economics & Research Team shows that the Consumer Price Index in Alberta rose by 1.8 per cent in 2019 compared to 2.4 per cent the year before.
In its daily economic update, The Owl, ATB said annual inflation in Alberta has averaged 1.6 per cent over the last five years.
“Inflation in our province is not too far off the national rate of 1.9 per cent last year and 2.3 per cent in 2018. Prices rose the most in British Columbia (2.3 per cent) and the least in Newfoundland and Labrador (1.0 per cent),” said the report.
“Of the major product groups within the CPI basket, the cost of food in Alberta went up the most last year, rising by 3.7 per cent. Vegetarians and vegans were pinched particularly hard as the price of fresh vegetables increased by 14.0 per cent. Beef eaters also saw prices climb with costs rising 6.5 per cent. Overall meat prices rose by 4.7 per cent. The only food category that experienced a price decline was cheese, which fell by -0.1 per cent.”
ATB said shelter costs increased by 2.4 per cent, with rent rising by 1.2 per cent, property taxes by 2.9 per cent and home and mortgage insurance by 3.3 per cent. The largest increase under the shelter heading was electricity, which rose by 9.4 per cent.
“Consumers of gasoline got a break last year with prices down by 11.6 per cent. Passenger vehicle insurance premiums, however, jumped 8.1 per cent. The cost of taking public transit rose by 1.7 per cent,” said ATB.
“The cost of alcoholic beverages served in licensed establishments went up by 2.4 per cent last year compared to 0.5 per cent for alcoholic beverages purchased from stores. Smokers also saw the price of cigarettes rise by 2.5 per cent.”
Mario Toneguzzi is a business reporter in Calgary.
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