BC Business
As prices at the pump cooled off in May, inflation dropped almost a percentage point accordingly. As temperatures finally indicate Vancouver’s impending summer, more Canadians are taking to the roads for summer trips around the country. And it’s likely anyone who owns a car is aware of the slight decline in prices at the pump last month.
Gas prices | BCBusinessAs prices at gas stations have steadily fallen, so too has inflation across Canada.
As temperatures finally indicate Vancouver’s impending summer, more Canadians are taking to the roads for summer trips around the country. And it’s likely anyone who owns a car is aware of the slight decline in prices at the pump last month. The headlines have screamed about the price for a barrel of oil falling below $80, which has subsequently brought down the average price for a tank of gas in Canada. According to Gas Buddy, the current national average for a litre of fuel is $1.23, with the average in B.C. sitting at $1.33. Gas prices have steadily increased both nationally and in B.C. since December, so hitting a progressive downward trend is a welcome sight after seeing prices hit almost $1.50 a litre in some parts of the Lower Mainland in recent months. The lowering fuel prices have also managed to pull down inflation. For the 12 months leading up to May, inflation only hit 1.2 per cent compared to an expected pace of 2 per cent. That’s the lowest level we’ve seen in Canada in almost two years. The only real bad news in the latest numbers is the increase in food prices, which rose 2.5 per cent for the year leading up to May.