Canada's inflation rate slows to 3.4%, lowest level in almost 2 years
Canada's inflation rate slows to 3.4%, lowest level in almost 2 years
Canada's inflation rate decelerated to 3.4 per cent in the year up to May, Statistics Canada said Tuesday, led by sharply lower gasoline prices. But beneath the headline slowdown in consumer prices, many facets of the cost of living are still increasing at an eye-watering pace. Grocery prices went up at an almost nine per cent pace.
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I don't see how the overall rate could decline with grocery prices increasing 9.1%... our overall buying power is still that much lower. I thought I made decent money but not with what's going on out there now.
A median family only spends about 10% of their income on groceries in Canada, down around 7% in the US.
Because the other 90% goes to rent or mortgage, right?
cries in Vancouver accent
What is a 'median' family, though? We have 2 kids under 10 and let me tell you groceries ain't cheap.
Median family income (after tax) for 2021 was $68k. Highest was Alberta at $77k, the lowest NB with $60k.
I couldn't find median, but average household size is 2.9 people.
https://www150.statcan.gc.ca/n1/pub/11-627-m/11-627-m2023020-eng.htm