Operating a business in Ontario and living here too; we are feeling the pain at the pump, grocery store and everywhere else for that matter, just as much as you are!
You would think that this would be the NUMBER ONE issue that our politicians would be discussing this election season.
After reviewing the recent Consumer price index, published by Statistics Canada, you will be shocked by some of the highlights:
1.Consumer prices rose 3.3% in the 12 months to March, the largest year-over-year increase since September 2008.
2.Energy prices increased 12.8% during the 12 months to March, following a 10.6% advance in February.
3.Gasoline prices increased 18.9% in March, following a 15.7% gain in the 12 months to February. Prices for fuel oil and other fuels increased 31.3%, while electricity prices rose 4.3%.
4.Prices for food purchased from stores rose 3.7% in March, the largest year-over-year advance since August 2009. This increase follows a 2.0% gain in February.
5.Other items that contributed significantly to the pickup in prices were travel services, clothing and the purchase of passenger vehicles.
6.The CPI points out the most volatile components (fruit, fruit preparations and nuts; vegetables and vegetable preparations;
mortgage interest cost; natural gas; heating oil and other fuels; gasoline; inter-city transportation; and tobacco products and smokers' supplies) as well as the effects of changes in indirect taxes on the remaining components.
In Ontario we are more heavily taxed than any other province in the country and in Toronto, we are taxed more heavily than any other City in the country but it seems that the skyrocketing cost-of
living increases have affected Canadians across the board.
Consumer prices rose at a faster rate in every province in March compared with February, year over year. Gasoline continued to be a major factor contributing to the increase in consumer prices in all provinces.
In Ontario, consumer prices rose 3.6% in the 12 months to March, after advancing 2.5% in February. Gasoline prices in Ontario rose 20.4% in March, following an 18.3% increase in February. Prices for food purchased from stores increased 3.6% in March, after advancing 1.8% in February. Higher prices were observed for fresh vegetables as well as for bakery products.
Short of a miracle or another recession, it doesn't look like prices will be going down anytime soon, so get out your pen and paper and start writing your politicians. Otherwise, you can get your
budget out and find some places to trim to accommodate these increased costs of living. For more information visit www.trueassess.com.
