Making a Move? These Are the Inflation Rates for Each Province

No matter where you live, it’s important to understand the factors influencing your province’s rising inflation rates. Or falling!

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Inflation data came out this week from Statistics Canada, and while there were some surprises, mainly inflation remained stable. That is, on a national basis. The inflation rate rose slightly to 2.9%, up from 2.8% back in February. Yet core inflation dropped, leading analysts to believe that there is a 50% chance of a rate cut in June – up from 44% before the results.

Yet while national averages might be up, what does it mean where you live? Let’s now take a look at the provinces across Canada to see how they stack up.

The numbers

Practically every province saw a rise in inflation as the results for March came in. So first, let’s take a look at exactly what happened.

ProvinceMarch Inflation Rate (%)February Inflation Rate (%)
Newfoundland and Labrador3.12.0
Prince Edward Island2.61.5
Nova Scotia3.32.8
New Brunswick2.62.1
British Columbia2.72.6

Now on the surface, you can see that practically every single province saw an increase in inflation from February to March. And there are two key reasons that were pointed to from Statistics Canada.

First and foremost, the biggest contributor was higher gas prices. Spending more at the tank as geopolitical issues continue is certainly a reason for Canadians to see higher spending costs. Yet these higher gas prices actually led to lower costs for provinces producing oil and gas, with Alberta seeing a huge drop in inflation.

Another contributing factor was shelter costs. Shelter prices continued to contribute to overall inflation as they were up 6.5% compared to a year ago across the board. It’s been a difficult time, with mortgage interest costs rising as Canadians renew the loans received during the pandemic. And with food prices also still up, it was an overall difficult time for most Canadians.

Making a move?

It’s also been a time that many Canadians have decided to perhaps up and move to an area that provides lower costs, with more room to expand. This is again likely why Alberta has seen inflation drop. There are jobs abounding in the province, with lower housing costs and higher wages.

Whether you’re moving or not, it’s interesting to note. Especially if you want to get in on the action. Because during this time as Canadians move, there is one thing they’ll consistently need. Storage.

If you want to then see your portfolio grow while inflation rises, I would recommend StorageVault Canada (TSX:SVI). SVI stock should almost be considered essential, as the business will remain around no matter what the market does. Whether it’s downsizing, divorce, death, or dislocation, the company provides storage to meet these needs.

Yet another demand driver has been added to this list, and that’s the use by small businesses. While we haven’t found a “D” word for it yet (drop shipping maybe?), Canadian small business owners have been using small storage units to ship and sell products.

Which is why SVI stock will remain a strong option for Canadians going forward. Shares are now up an incredible 30% since the October market bottom. And that could only rise higher as inflation and interest rates improve. So no matter where you live, SVI stock should be a strong choice to consider.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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