Food and shelter were key factors in the increase in the Consumer Price Index, Statistics Canada reported. Russia’s invasion of Ukraine helped push the cost of food up 9.7 per cent versus the year before, and those increases “have been broad-based, with consumers paying more for nearly everything at the grocery store.” (The Logic)

Talking point: Average hourly wages increased by only 3.3 per cent in April, despite the tight labour market, meaning workers’ overall buying power declined. One small bright spot for consumers: gasoline was slightly cheaper in April than it was in March (though still a lot more expensive than it was in April 2021). The Bank of Canada hiked its key interest rate in the middle of the month, so the effects of that demand-dampening move were only beginning to be felt while Statistics Canada was compiling its latest data.