Saturday, Feb 24, 2024

Food Inflation at 5.4%


I am sick of the media’s inability to report the news. Yes, CPI overall is now down to 3.1% for October 2023, but that is not the story. Remember, this percentage is a year-over-year 12-month measurement of growth.

Food inflation stands at 5.4%, down from 5.8% last month. Even that number obscures the bigger issue.

Food Inflation at 5.4%
A breakdown of the parts of the Food Portion of the CPI

There is some good news here:

Food Inflation at 5.4%

As you can see, egg, fish, and dairy prices are rising at a lower rate. Fruits are still rising in price at an alarming rate.

When folks talk about the CPI decreasing, it does not mean prices are getting cheaper. It means that prices are increasing at a lower rate.

The Globe and Mail

Previous Rants About Inflation

  • Food Inflation at 5.4% for October 2023, better but still rising
  • Grocery Inflation in Canada at 8.5% in July in 2023, doesn’t look like things are getting much better.
  • June 2023 Inflation was at 2.8% but Groceries were at an astronomical 9.1%.
  • In 2022 Inflation at 7.7% May 2022 in Canada was near the high point of things.
  • Inflation at 6.7% March 2022 in Canada goodness that was a bit of a jump?
  • Inflation 4.4% September 2021 shows that this started a while ago.
  • Looks like COVID leads to Inflation in August 2021 ?
  • I talked about this in April of 2021, didn’t think it was going to get this bad, this fast.
  • Inflation at 2011 levels ? OK, so I have even written this title before? Yes, I need more imagination.
  • Bank in 2017 Inflation Still Under 2 Pct (for now) so things were OK back then too.
    • Low CPI Means No More Interest Hikes ?
    • Gasoline Pushed Inflation to 2.1 %
    • Energy Up 4.0 % for 2016
  • Previously I have written a lot about inflation, here is a small taste. Note the snappy titles.
    • The year was 2016
      • Shocking Electricity Price in August (CPI Canada)
      • Electricity Prices Continue to Sizzle in July
      • Zap! Electricity Prices Pushes Inflation in June
      • Expensive Food and Shelter in April in Canada
      • Good Food Still Is Not Cheap in Canada (Inflation for March)
      • Food Prices Continue to Rise for February
      • Veggies up 18.2 pct in Canada
    • Now for 2015
      • 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)

And that is just scratching the surface.

The post Food Inflation at 5.4% appeared first on Canadian Personal Finance Blog.



By: bigcajunman
Title: Food Inflation at 5.4%
Sourced From:
Published Date: Thu, 07 Dec 2023 22:23:53 +0000

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