According to Statistics Canada, Alberta saw some of its largest prices increase from shelter (+4.86 %), energy (+6.59 %) and gasoline (18.88 %) and Calgary’s inflation rate sits slightly higher than the province at 2.7 per cent.

Meaghon Reid spoke with CTV Calgary on the continued rising shelter costs saying, "While the cost for one and two bedrooms have been coming down pretty steadily, there’s still a lot of people paying a very high rent – usually much more than 30 per cent of their income – and there’s still a housing shortage for larger families."

Calgarians are also paying 10% more on food and $2,000 more for shelter annually, while minimum wage has continued to sit at $15/hour since 2018. That wage is now 63% lower that Calgary's living wage of $24.45/hour.

“If people aren’t meeting those basic needs, that’s a real problem, and it’s going to become very expensive for the province to service if we don’t figure this out quickly,” said Reid.

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Rising shelter and gasoline costs lead to uptick in Alberta’s annual inflation rate

The federal government’s temporary tax break may have aided in a slight decrease to the cost of living in Canada, but Albertans are still feeling the financial pinch as higher prices for gasoline and shelter raise the province’s annual inflation rate.