In other words, while the inflation rate is slowing, which is good, the cost of living remains high, which is bad.
The price of food purchased from grocery stores went up 11.4% in January compared to a year ago — almost double the overall inflation rate of 5.9% — and up from 11% in December.
The cost of meat rose 7.3% year over year, the result of the largest month-over-month increase since June 2004. Similarly, the cost of fresh or frozen chicken rose 9.0% in January compared to December, the largest monthly increase since September 1986. The cost of baked goods was up 15.5% year over year in January, dairy products up 12.4% and fresh vegetables up 14.7%.The other major increase was in the cost of paying interest on mortgages, up 21.2% in January compared to a year ago, the largest increase since September 1982, following an 18.0% increase in December.
That’s the result of Bank of Canada raising its benchmark interest rate eight times from 0.25% in March 2022 to 4.50% in January 2023 in a bid to lower the inflation rate.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EDITORIAL: Trudeau ignores China syndromeThe report Friday that China engaged in election interference in 2021 as well as 2019 is disturbing.
Read more »
EDITORIAL: Trudeau ignores China syndromeThe report Friday that China engaged in election interference in 2021 as well as 2019 is disturbing.
Read more »
Globe editorial: The failures of politics, and empathy, before the Emergencies ActThe divisions that led to the Freedom Convoy and an unprecedented crackdown still linger
Read more »