Canada Global (Web News) In November, the annual rate of inflation in Canada decreased to 6.8% due to lower gas costs, but the most recent report from Statistics Canada indicates that consumers are not seeing much respite at the grocery store.
Statistics Canada said in its most recent consumer price index (CPI) data, which was released on Wednesday, that last month’s decreased price growth for furniture and gasoline was countered by quickly growing housing costs and persistently high grocery prices.
November had a greater yearly rate of increase in grocery costs. The federal agency reported that prices increased 11.4% annually, up from 11% in October.
Eggs, non-alcoholic beverages, coffee and tea, edible fats and oils (up 26%), and coffee and tea (up 16.8%) were among the commodities with the highest annual price increases (up 16.7 per cent).
Despite a 5.2% increase in meat costs overall, chicken prices increased by 9.3%, according to Statistics Canada, due to a decreased worldwide supply due to avian flu outbreaks.
Food costs, which have now consistently exceeded increases in the rest of the CPI basket for 12 months, are still “broad-based,” according to the agency.
Statistics Canada cited the simultaneous impact of supply chain disruptions and severe weather events across the globe as driving prices higher in Canada in a report published in mid-November looking at the causes of food inflation.
