The year-over-year inflation rate for Yellowknife slowed to three per cent in May, lower than the national rate of 3.4 per cent.
However, food prices continue to soar at 11.9 per cent higher in May 2023 compared to May 2022, according to data released by Statistics Canada on June 26. The category suffering from the highest increase was bakery and cereal at 21 per cent. Food from restaurants jumped by 9.9 per cent since May 2022.
Reductions in the prices of fuel products over the past year — 8.3 per cent lower between April and May alone — have helped to bring the overall rate of inflation down.
By comparison, annual prices increased overall by 2.8 per cent for Edmonton, 4.7 per cent for Whitehorse and 3.6 per cent for Iqaluit in May.
The year-over-year inflation rate peaked at 8.3 per cent for Yellowknife in June 2202.