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Albertans don’t need many reminders of what became the most important business story of 2022. It confronts them every time they go to the pumps, stroll through a grocery store or open their utility bills. Inflation — and its tag-team partner, soaring interest rates — jumped to the forefront as the most influential economic concern of the year. “It’s No. 1, just because it’s impacting everyone,” says Alberta Central chief economist Charles St-Arnaud. “Rising inflation and rising interest rates — it’s hard to escape it.” As 2022 winds down, it’s time to look back at the top 10 business stories of the year in Alberta. There were no shortages of high-impact events: soaring energy prices and record oilpatch profits; the province returning to a super-sized surplus; and the end of vaccination passports. Yet, inflation was a constant concern. The reverberations of the pandemic, which caused supply chain disruptions, were already becoming acute problems in 2021. Russia’s invasion of Ukraine in February sent energy prices into the stratosphere. In Alberta, the annual inflation rate sat at 4.8 per cent in January, but jumped up to 8.4 per cent in June, before slowing in November to 6.6 per cent. In turn, […]
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