According to the Consumer Price Index (CPI), prices rose 11.4 per cent between January 2020 and December 2022. Although the pandemic started in China in December 2019 and the first case was reported in Canada on Jan. 25, 2020, inflation didn’t spike for more than a year. In fact, prices were rising at relatively normal rates until May 2021, and didn’t peak until June 2022 when inflation hit 8.1 per cent, the highest rate in almost four decades.
