this post was submitted on 15 Aug 2023
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Inflation jumped higher last month, to 3.3% (www.cbc.ca)
submitted 1 year ago by [email protected] to c/[email protected]
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Grocery prices increased by 8.5 per cent in the year up to July. That's an easing from 9.1 per cent the previous month, but still three times the overall inflation rate.

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[–] [email protected] 0 points 1 year ago* (last edited 1 year ago) (1 children)

Well, the BoC expectation is about 3% so looks like we're still pretty close to the target. Not much to see here for now.

Mortgage interest costs the biggest single factor in the increase

There was some relief in the produce section, with fresh fruit prices seeing their largest month-over-month decline since February 2008, down 6.5 per cent.

Gas prices were a major factor pushing up the inflation rate, mostly due to what economists call the base effect.

Jackpot for the vegetarian, cyclist and renter.

[–] [email protected] 3 points 1 year ago (2 children)

Jackpot

Wut.

Food still got .4% more expensive in July than it was in June.

Since last June, food is 7.8% more expensive.

The decline in the rate at which fruit prices are rising was due mostly to cheaper grapes and oranges.

This is still not good news.

[–] [email protected] 0 points 1 year ago

Fruit is less expensive, though.

[–] [email protected] -1 points 1 year ago* (last edited 1 year ago)

But not concerning as most foods are purchased on futures contracts, and you are still reeling in the record high prices seen last year. The farm gate price continues to tumble. There is inherit lag, but the grocer price will crash in six months to a year from now as those old contracts expire.

And the good news is that inflation is only 2.4%, excluding mortgage costs. That is comfortably in the target range. The only reason mortgage costs are going insane is because the BoC keeps raising interest rates; the easiest thing to correct.