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For the first time in a year the annual inflation rate on P.E.I. fell in June, but at 10.9 per cent it remains the highest in Canada.
The rate was down just 0.2 percentage points. The province last saw the inflation rate fall in June of last year, when it dropped from 6.0 to 5.3 per cent.
The national inflation rate was 8.1 per cent in June, up from 7.7 per cent.
P.E.I.’s inflation rate has been the highest in the country since March of 2021 and, like the rate across the country, has been rising steadily.
In February of 2021 the annual inflation rate in the province was 1.4 per cent, typical of the low rates the province has seen for decades. But by April it had risen to 5.3 per cent and it has remained above five per cent ever since.
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