Forgive me if you have heard this term before: “transitory,” meaning inflation is supposedly temporary.

Year-over-year, when you look at the base effect on prices, it makes sense to be patient. During the height of the pandemic, gas prices hit lows of around 60 cents a litre. Because no one was driving and oil prices were way below current levels. So, naturally, gas prices are higher now. This is just one example of why year-over-year comparisons don’t always work in highly volatile components.

However, inflation is currently a hot topic for investors, economists and politicians in the midst of the federal election campaign. Prices have been going higher and compromising the discretionary income of Canadians…read more.