The most persistent trend adding to inflation is the transition to “green energy,” which “raises costs,” according to a new Bank of Canada staff discussion paper.
“The 2021–22 Surge in Inflation” says that Canada has undergone the most pronounced surge in inflation in the 2021–2022 fiscal year since the 1970s.
A dollar in 1970 was equivalent to about $7.44 in purchasing power today, according to the Canada Inflation Calculator, based on Statistics Canada consumer price index (CPI) data.
This is an increase of $6.44 over 53 years. And it means that today’s prices are on average 7.44 times as high as prices were in 1970, and that a dollar in 2023 only buys 13.44 percent of what it was able to buy in 1970….