Updated: Oct 1
Inflation has slowed according to Stats Canada.
Don't break out the Champagne yet .
According to numbers released by Stats Canada, prices rose 6.3% year over year in August. That's 0.3% lower than Julys 6.6% year over year increase.
The changes were calculated excluding gasoline, something that has rocketed to record prices in some regions.
Increases in Good and Services
- Transportation +10.3%
- Shelter +6.6%
- Food purchased from stores +10.8% ( August 1981 saw an +11.9% increase)
- Non-durable goods +10.8% ( Items that last less than 3 years)
- Durable goods +6.0% ( IE vehicles and appliances)
- Meat +6.5%
- Dairy products +7.0%
- Bakery products +15.4%
- Fresh fruit +13.2%
- Non-alcoholic beverages +14.1%
- Condiments, Spices, and vinegars +17.2%
- Sugar and confectionery +11.3%
- Seafood, and other marine products +8.7%
- Traveler accommodation +33.0%
- Passenger vehicles +7.3%
- Used vehicles -0.7%
Canadians had less purchasing power than they did in August of 2021 despite an average 5.4% rise in hourly wages.
The slowed increase in inflation is mostly attributed to gasoline prices that had dipped last August. As we all know, that drop was short lived.
Stats Canada has a "personal inflation calculator" on one of their websites
Some good news for those looking to buy a home. The homeowners' replacement cost index slowed in August to +8.4%. That may be a result of the cost of a mortgage.
The price of borrowing money rose +4.8% last January compared with Julys +1.7% hike. Thats the fastest increase since January of 2020.