House prices surged in Canada, record inflation in the US and Germany

People buy fruit in Manhattan, New York, USA on March 28 – Photo: REUTERS

Inflationary record in many countries

On April 12, the US Department of Labor said that inflation in this country continued to increase in March 2022. The consumer price index (CPI) has increased by 8.5% over the past 12 months – the highest increase since December 1981 in the US.

According to the newspaper Washington Post, the White House and the Federal Reserve have launched a number of initiatives to try to prevent prices from rising. However, prices increased everywhere, especially in essential consumer goods that most families cannot do without.

Gasoline, food and a host of other products became markedly more expensive, putting economic strain on households and businesses.

Gasoline prices in the US increased by 18.3% in March 2022, accounting for about half of the overall increase in the consumer price index. Meanwhile, overall energy prices in March increased 11% month-on-month with oil prices up 22.3%.

The US economy is forecast to grow at a slower pace by the end of 2022, partly because inflation prompts families and businesses to rethink their purchases and potentially reduce spending.

By page Market WatchGermany’s annual inflation rate in March 2022 increased at a faster rate than February 2022, reaching the highest level since the fall of 1981 (the highest level in 41 years) – according to data Officially published by the German statistical office Destatis on April 12.

The consumer price index rose 7.3 percent year-on-year by German standards and 7.6 percent year-on-year by harmonized European Union standards.

According to Reuters news agency, Canada’s annual inflation rate increased in February 2022 and reached a 30-year high of 5.7%. Widespread price increases affect consumers in every way. Currently, Canada has not announced the inflation rate for March 2022.

Home prices up 20% in Canada

On April 12, Canada released new data highlighting “inequalities” in the housing market as the country is experiencing the highest inflation in 30 years.

House prices increased by 20% in a year in Canada – Photo: CANADA PRESS

Chrystia Freeland, Canada’s deputy prime minister and commerce minister, described the out-of-control home prices in Canada as a “generational injustice”.

“We had a better opportunity to buy a home and raise a family than young people today. We can’t have a Canada where the younger generation can’t dream of owning a home” – bah Freeland says and describes love Current picture is “a shock”.

According to the Organization for Economic Co-operation and Development (OECD), Canada has the largest gap between income and house prices in the G7. The country’s two major cities, Vancouver and Toronto, are often included in the rankings of global real estate bubbles.

In February 2022, Canada recorded its highest ever median home sale price of $647,340, up 20% from 2021. At the provincial level, Nova Scotia had the largest increase of all. country. House prices here jumped 35% from last year. At the city level, the city of Kingston, Ontario, had the highest increase in house prices, with 44%.

Experts say that if there is no quick solution to this crisis, there will be speculation and housing shortage.

Many politicians have expressed their determination to make home prices affordable, making this goal central to their re-election campaigns. In addition, Canada banned some foreigners from buying houses to cool down the domestic real estate market.

Inflation in Russia increased both high and fast

TTO – Inflation in March in Russia increased to 16.7% (compared to 9.2% in February). This is the fastest increase and the highest level not seen since 2015, while food prices have increased even more rapidly.