According to StatCan, the CPI was up 1.1% in February compared to 0.62% for the full year 2020. 1.1% inflation isn’t exactly an unprecedentedly high level — the Bank of Canada generally aims for 2%. But the fact that it’s increasing should give you pause. As of the most recent reports, nation-wide unemployment was 8.2%. 599,000 more Canadians were unemployed in March 2021 compared to February 2020. Yet prices are already starting to rise. As people get back to work, then, we may see levels of inflation that people aren’t prepared to cope with. Inflation is already rising The 1.1% inflation rate reported for February isn’t alarmingly high. But rising prices could affect you differently than it affects the “average” person. It all depends on how your spending breaks down. If you spend a large share of your income on gasoline or household appliances, then you’ll feel more “inflation” than most. Those goods rose more than others in February and may continue rising in the year ahead.