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- cross-posted to:
- [email protected]
Grocery prices increased by 8.5 per cent in the year up to July. That’s an easing from 9.1 per cent the previous month, but still three times the overall inflation rate.
Grocery prices increased by 8.5 per cent in the year up to July. That’s an easing from 9.1 per cent the previous month, but still three times the overall inflation rate.
Well, the BoC expectation is about 3% so looks like we’re still pretty close to the target. Not much to see here for now.
Jackpot for the vegetarian, cyclist and renter.
Wut.
Food still got .4% more expensive in July than it was in June.
Since last June, food is 7.8% more expensive.
The decline in the rate at which fruit prices are rising was due mostly to cheaper grapes and oranges.
This is still not good news.
Fruit is less expensive, though.
But not concerning as most foods are purchased on futures contracts, and you are still reeling in the record high prices seen last year. The farm gate price continues to tumble. There is inherit lag, but the grocer price will crash in six months to a year from now as those old contracts expire.
And the good news is that inflation is only 2.4%, excluding mortgage costs. That is comfortably in the target range. The only reason mortgage costs are going insane is because the BoC keeps raising interest rates; the easiest thing to correct.