Inflation may be slowing, but experts say it’s not easing up on pocketbooks
Global News
StatCan reports that inflation rate slowed to 3.1 per cent in October, down from a 3.8 per cent lift in September. But, this won't make a difference in your pocketbook yet.
New data from Statistics Canada (StatCan) shows inflation is cooling off, but that doesn’t mean it’s any easier for Canadians.
StatCan reports that inflation rate slowed to 3.1 per cent in October, down from a 3.8-per cent increase in September. However, John McCallum, professor at the Asper School of business, said people won’t feel this in their pockets yet.
“Groceries are still going up,” he said, referring to StatCan’s reported 5.4-per cent increase in grocery prices.
“The reason inflation came down this month had a lot to do with oil prices and with gasoline prices,” McCallum said, StatCan adding this is mostly because of “producers switching to cheaper winter blends.”
McCallum noted service prices are also staying high, which StatCan noted are rising quickly. September saw a 3.9-per cent increase in services, versus October which jumped by 4.6 per cent.
Rent and property taxes also continue to climb.
McCallum said federal spending has prolonged this issue for everyday Canadians.
“We’re spending a whole lot more on interest than we used to, and that’s money you can’t spend fixing health care, providing social services, improving education and so on.”
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