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(Photo Credit: The Daily Statistics Canada)

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"In January 2022, Canadian inflation surpassed 5% for the first time since September 1991, rising 5.1% on a year-over-year basis and up from a 4.8% gain in December 2021. In comparison, the headline Consumer Price Index (CPI) increased 1.0% on a year-over-year basis in January 2021."

(The Daily - Consumer Price Index)

In my own words:
Two and a half months ago, inflation in Canada increased 5%.  It has not been that bad for 11 years.  Since 1991 it has raised 5.1% every year with a 4.8% gain in December 2021 alone.  The significance of this issue is since January, inflation in Canada has raised significantly more.

CRAAP Check:
I believe this source to be true because The Daily is a Government of Canada webpage.

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"Justin Trudeau didn’t create Canada’s inflation problem — and there’s not much he can do about it.  The reasons? Mainly bad weather and supply chain dysfunctions, Statistics Canada said. For months now, most of the world has been struggling to deal with bottlenecks in supply chains that have been gummed up by pandemic restrictions and unpredictable surges in demand."

(Toronto Star)

In my own words:
In this writer's point of view, it is stated that inflation is dependent on the weather and the companies who distribute the goods. She claims that this is a direct quote from Statistics Canada. That and the pandemic restrictions along with unpredictable demand is what the economy is struggling with.

CRAAP Check:
I do believe the columnist is credible although I believe these are just some of the problems leading to inflation, not all of them.

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"Whether it be food, gas, or housing prices, inflation is becoming a global concern during the pandemic. In a recent Nanos survey, inflation and cost of living were listed as the top source of anxiety. In fact, the poll found that Canadians are nearly nine times (87%) more likely to say they're worried more about higher prices for everyday goods rather than higher interest rates (10%).
With the new variants, the pandemic has taken an unprecedented turn. When compared to other advanced economies, Canada’s inflation is on the lower end. The U.S. has recorded an inflation rate of 7 per cent, the highest since 1982. Leading contributors to the U.S. inflation were housing, cars, and trucks. According to a survey of 900 global CEOs, rising inflation, labor shortages, supply chain disruptions, and changing consumer behaviors were top worries."

(Deena Zaidi, CTV News)

In my own words:
The issue of the pandemic has a major connection to the issue of inflation in Canada. The pandemic has shut down businesses, halted construction, and caused a collapse in our economy. How it affected me personally was more mentally than anything due to the fact that I am an over-emotional person.  The pandemic also affected my family financially as my husband found it hard to find work in the construction trade, he is a Journeyperson Electrician.

CRAAP Check:
I know this source is credible because it is CTV, a reliable news source.

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"Inflation is similar to ours, around 5 per cent, in the United States and Britain. It is higher, in double digits, in Argentina and Turkey, and above 1,000 per cent in Venezuela. It is lower, below 2 per cent, in Japan and Switzerland. Inflation is high where monetary policy has been inflationary, and low where it has not. Canada is capable of making it low again.
But should we? The debate is intense because there are no happy choices. Inflation is high because spending is outrunning the economy’s ability to produce goods and services. Fixing the situation means we’ll need higher interest rates. Higher interest rates will lower the price of assets, including housing. That hurts. And if the momentum of rising prices is strong, slower nominal spending is likelier to mean a recession, and lost jobs, as happened when the Bank of Canada reduced inflation in the early 1980s and early 1990s.".

(William Robson The Globe and Mail)

In my own words:
What the author is saying is that the only way to fix inflation is to pay more money into other areas such as interest rates.  From where we stand in Canada, in my opinion, a change in government could not hurt.

CRAAP Check:
I believe this source is credible because The Globe and Mail is a respected news source.

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"a continuing rise in the general price level usually attributed to an increase in the volume of money and credit relative to available goods and services"

(Merriam - Webster)

In my own words:
Inflation is when prices go up non-stop and everything becomes more expensive. This is due to the increase in paper money and whatever goods and services are available.

CRAAP Check:
This source is credible because it is Merriam - Webster, a credible dictionary source.

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"Background Image"
https://www.wealthprofessional.ca/news/industry-news/could-canadian-stocks-offer-better-inflation-insulation/361006

"Consumer Price Index"
The Daily Statistics Canada
January 2022
https://www150.statcan.gc.ca/n1/daily-quotidien/220216/dq220216a-eng.htm

"Definition of inflation"
Merriam - Webster
2022
https://www.merriam-webster.com/dictionary/inflation

"It’s painful. But the sooner we reduce inflation, the better"

William Robson, The Globe and Mail
January 13, 2022
https://www.theglobeandmail.com/opinion/article-its-painful-but-the-sooner-we-reduce-inflation-the-better/

"Justin Trudeau didn’t create Canada’s inflation problem — and there’s not much he can do about it"
Heather Scoffield, Toronto Star
January 19, 2022

https://www.thestar.com/politics/political-opinion/2022/01/19/justin-trudeau-didnt-create-canadas-inflation-problem-and-theres-not-much-he-can-do-about-it.html

"The pandemic's impact on inflation and how Canada compares to other G7 countries"

Deena Zaidi, CTV News
January 18, 2022
https://www.ctvnews.ca/health/coronavirus/the-pandemic-s-impact-on-inflation-and-how-canada-compares-to-other-g7-countries-1.5743508