Excluding gasoline, headline inflation would have been 4.0% in June, following a 4.4% increase in May.
Canadians continued to see elevated grocery prices (+9.1%) and mortgage interest costs (+30.1%) in June, with those indexes contributing the most to the headline CPI increase.
The all-items excluding food index rose 1.7% and the all-items excluding mortgage interest cost index rose 2.0%.
The problem with groceries is that the raw product is largely bought on futures contracts, so you’re paying last year’s price. Last year was inflated due to fertilizer issues and general concern around the Ukraine conflict. The raw product price is now down ~50% since last year, but it will take until next year to see that show up in the store.
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The problem with groceries is that the raw product is largely bought on futures contracts, so you’re paying last year’s price. Last year was inflated due to fertilizer issues and general concern around the Ukraine conflict. The raw product price is now down ~50% since last year, but it will take until next year to see that show up in the store.
I really wish I wasn’t so jaded. I can’t bring myself to believe that. Hope I’m wrong.