Friday, Stats Canada published their monthly Consumer Price Index Report, and showed that while on the surface Prices are not going up much, if you look a little closer, eating Good Food (i.e. Fresh Veggies and Fruit) continues to skyrocket (in comparison to the overall index).
There actual statement in their generic report states:
Excluding gasoline, the CPI rose 1.9% year over year in March, matching the increase in February.
Six of the 8 major categories had increases, which suggests that if you claim that CPI is running at 1.3%, there must be some components dropping significantly to reflect this low number, and (as usual) Gasoline, Natural Gas, and Fuel Oil are the big ones.
- Purchase of passenger vehicles (+3.2%)
- Electricity (+7.5%)
- Fresh vegetables (+14.9%)
- Food purchased from restaurants (+2.6%)
- Fresh fruit (+11.3%)
Main downward contributors:
- Gasoline (-13.6%)
- Natural gas (-17.4%)
- Fuel oil (-25.8%)
- Mortgage interest cost (-1.5%)
- Women’s clothing (-1.8%)
As you can see nothing you can eat is getting cheaper, and note also that most power and resource types are dropping in price, however, electricity (allegedly the power of the future) is still going up in price. In Ontario the price increase is even more marked.
Bank of Canada’s core index
The Bank of Canada’s core index increased 2.1% in the 12 months to March, after rising 1.9% in February.
This suggests the Bank of Canada will not be able to blame Inflation as a reason to raise Interest Rates (for now).
Reports from the Past While.
If you want to have a walk down memory lane about how prices have been going up, here you go.
- Food Prices Continue to Rise for February
- Veggies up 18.2 pct in Canada
- Food Prices up 4.1% For 2015 in Canada
- Gas Prices Drive Down Inflation in December to 1.5%
- Lower Prices in January in Canada, Pull the Other Leg
- Expensive Food in Canada in March
- Prices up 0.8% in April or More Fun with Numbers
- Inflation at 0.9% for May (maybe)
- Gas Dampens CPI for July
- Inflation and Silly Gasoline Tricks Continues in August
- Canadians Paid 3.9% More For Food in September
- Canadians Paid Even More For Food in October (4.1%)