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Is the Canadian inflation rate really back at 2.8% ? (lemmy.ca)

submitted 1 year ago by kiwiheretic@lemmy.ca to c/canadapolitics@lemmy.ca

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As a foreigner who follows the Canadian news I saw on https://www.ctvnews.ca/business/economists-expect-rise-in-inflation-as-price-growth-fight-enters-new-phase-1.6517322 that the Canadian inflation rate is 2.8% which surprised me as in our country it is around 7%.

If so then how did Trudeau do it? How did he soak up all the money he printed during Covid?

Does that mean that housing and cost of living pressure has also been eased?

Would like to know your thoughts.

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[–] sbv@sh.itjust.works 1 points 1 year ago

It's up to 3.3% overall. It would have jumped higher, except gas prices fell further last summer.

Grocery inflation is still high:

Canadians are still seeing grocery prices soar. Grocery prices in July were up 8.5 per cent from a year ago, slower than June's 9.1 per cent.

Statistics Canada said that's largely due to smaller price increases for fruit and bakery goods.

Mortgage costs remain high, due to rising interest rates:

Mortgage interest costs posted another record year-over-year increase in July, rising by 30.6 per cent.

Rent also increased:

Rent was up 5.5 per cent compared with the previous year, a smaller increase than in June.