Grocery Inflation in Canada at 8.5%

For July 2023, Stats Canada published that the CPI, aka Inflation, is 3.3%. This is up 0.5% (Year over Year) from the June 2023 numbers. Plenty of reasons for this, but let’s drill down to Groceries.

• Grocery is at 8.5% year over year, which is a lower increase than last month. However, for those who remember the rule of 72, that means groceries will double in price (at this rate) in 9 years.
  • Fresh Fruit and Bakery goods prices were lower. Those are two areas, however, where previous price doubling had already occurred. Maybe the Baking Elves are feeling a little guilty?

The continual Bank of Canada interest rate increases are also pushing Inflation as well. It has slowed the real estate market, but I am confident my Real Estate influencers will find a way around it. There is talk of the Infinite Mortgage (cough, scam, cough), which causes me to shiver to my bones.

Inflation Commentary

I am protected against some inflation, having equity in my house, and being an old white guy. Yes, that is a reason, as I have been able to build up savings during a ridiculous Stock Market world of the past decade or two. For my children and their children, I have no idea what needs to change, but something will need to change, very soon.

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 Grocery Inflation in Canada at 8.5% appeared first on Canadian Personal Finance Blog.

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By: bigcajunman
Title: Grocery Inflation in Canada at 8.5%
Sourced From: www.canajunfinances.com/2023/08/16/grocery-inflation-in-canada-at-9-1-2/?utm_source=rss&utm_medium=rss&utm_campaign=grocery-inflation-in-canada-at-9-1-2
Published Date: Wed, 16 Aug 2023 18:13:04 +0000

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