Canada’s inflation rate rises to 5.1 percent under Trudeau government

"In comparison, the headline Consumer Price Index (CPI) increased 1.0% on a year-over-year basis in January 2021," the report states.

The consumer price index rose 4.3 percent year-over-year in January 2022—the fastest pace since the index was created in 1999.

"COVID-19 pandemic-related challenges continue to weigh on supply chains, and consumer energy prices remain elevated. Taken together, Canadians continued to feel the impact of rising prices for goods and services, especially for housing, food and gasoline," the report says.

Shelter and cost of living also saw a dramatic increase, rising 6.2 percent year-over-year in January 2022—the most in 32 years.

"Higher prices for new homes contribute to higher costs associated with the upkeep of a property, or the homeowners' replacement cost. Higher home prices also tend to raise other owned accommodation expenses. In contrast, lower interest rates bring borrowing costs down—measured in the CPI through the mortgage interest cost index, which includes both new and resale home prices... Renters also saw a rise in prices, as the rented accommodation index increased 3.2% year over year, contributing to the higher shelter prices Canadians faced in January," the statement says.

Shoppers paid more for groceries as well, as prices rose at a rate of 6.5 percent year over year, compared to 5.7 percent in December of 2021—the largest increase since May 2009.

"Prices for fresh or frozen beef (+13.0%), fresh or frozen chicken (+9.0%), and fresh or frozen fish (+7.9%) rose more in January 2022 compared with December 2021. Margarine (+16.5%), as well as condiments, spices and vinegars (+12.1%) were also up compared with January 2021. Higher input prices and shipping costs, because of ongoing supply chain disruptions, have contributed to the increase in the price of food," the report says.

"The news follows after the Trudeau government has added about a half trillion dollars of new debt through its reckless spending," said Conservative Finance Critic Pierre Poilievre in a video published following the news. "All that money is chasing fewer goods which is biding up prices. More money chasing fewer goods always does that," he said.