Grocery Prices Rise At Fastest Pace Since 1981, Overall Inflation At 7%

And wages still lag behind surging prices.

The inflation rate in Canada continues to far exceed Bank of Canada targets.

Inflation in August was 7%, a slight decline from 7.6% rate recorded in July.

However, what many forget is that inflation is cumulative, meaning that ‘declines’ in inflation after prolonged high prices still mean prices are rising dramatically.

Core inflation came in at 5.23%, barely down from 5.43% in July. That 5.43% rate was the highest core inflation level ever recorded in Canada.

And when it comes to something that people simply have to buy – food – prices actually rose.

Grocery prices are up 10.8%, the highest rate recorded since 1981.

Wages are still lagging

Canadians continue to become poorer.

Wages once again lagged behind the rate of inflation, meaning that in real terms Canadians have less purchasing power now than they did a month ago. And this has been true month after month after month.

Under the policies imposed by the Liberal government – which punish productivity while raising taxes and pushing up the cost-of-living – alongside the incompetence of the Bank of Canada, Canadians are being robbed of our hard-earned money.

On Twitter, CPC Leader Pierre Poilievre slammed the continued ‘justinflation’:

“Inflation continues to eat away at people’s paycheques, with grocery prices up 10.8%, the fastest pace in more than 4 decades.

Make more Canadian food, energy & homes. Axe the carbon tax. Cap govt spending with a Pay-As-You-Go law.

Bring common ‘cents’ back to Ottawa.”

Unfortunately for Canadians, the Liberal-NDP coalition continues to raise taxes and deliberately drive up the cost-of-living.

Spencer Fernando

***

The Freedom Movement in Canada is gaining strength. But the Liberal government and establishment press are already launching a full on assault to hold on to their power. That’s why we need Independent Media to continue fighting back. If you support my writing, you can make a contribution through PayPal, or directly through Stripe below.


[simpay id=”28904″]