Latest inflation numbers are higher than many economists predicted, as Canadians watch our purchasing power continue to erode.
Prices in Canada rose by 6.9% in September, according to the latest Statistics Canada data.
In August, inflation was 7.0%, and the miniscule drop in the rate of accelerating prices was less than economists had predicted.
The consensus of economists was for inflation to come in at 6.7%.
Even with declining gas prices, other key products rose in price. Averaged core inflation was 5.3%, unchanged since August.
And the most essential items continue to get more and more expensive.
Food prices surge
After surging in the inflation data released last month, food prices rose yet again.
The price of food bought from grocery stores rose 11.4%.
That’s the highest increase since 1981.
Services inflation rose from 5.5% to 5.6%.
Wages still aren’t keeping up
Wages are up 5.2%.
That falls far short of rising inflation, and Canadians are thus becoming poorer.
This has been happening for quite some time, and is why – despite the government claiming the economy has been ‘growing’ – Canadians aren’t feeling the benefits of that supposed growth.
Additionally, the gap between wages growth and rising prices actually expanded in September, meaning that Canadians are not only falling behind but are falling behind at a fast rate.
This won’t change until Canada has a government that overturns the anti-productivity, anti-energy, high-tax policies of the Liberal-NDP Pact.
Spencer Fernando
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