The Consumer Price Index measures the rate of price change for goods and services in Canada and Statistics Canada has just released their year-over-year price changes for dozens of consumer goods we purchase everyday.
With the falling loonie, most items have increased in cost, significantly food prices, sporting and exercise equipment, homeowner’s insurance and home items like furniture and appliances. The overall inflation rate is one per cent, meaning a pencil costs one per cent more in June 2015 than it did in June 2014.
If you thought groceries and eating out was becoming more expensive, it’s because they are. The cost of food has increased 3.4 per cent with food purchased from stores rising 3.6 per cent and food in a restaurant rising 2.7 per cent. Say goodbye to those sirloin steaks; fresh or frozen beef has shot up in price dramatically over the last year, rising 18.4 per cent across the country, due to a declining cattle population.
Medications, computer equipment and magazine subscriptions have stayed about the same price, but the real good news is that some popular items have decreased in cost.
Looking for a pint of ice cream? The dessert has dropped 0.5 per cent in cost over the last year. Women’s clothing has fallen 1.1 per cent, fish down 1.5 per cent, and the biggest savings? Gas.
Fuel marks the the largest decrease in price, falling 17.8 per cent between June 2014 and June 2015. Along with that, operation of passenger vehicles has gone down in cost, as has recreational vehicles, natural gas and the cost of transportation.
Take a look at the chart below and hover over each item to see how much it has gone up or down in price. Are you surprised by any of these numbers?