Tracking shifts in purchasing patterns help policymakers better understand how and where inflation is affecting consumers (currently EVERYWHERE). The CPI, and what we read about inflation are based on a fixed basket of goods and services designed according to international standards and methods.
Stats Canada will update the Consumer Price Index (CPI) basket of goods it used to introduce the Used Vehicle Prices to the basket. In a discussion paper, StatsCan suggested that March’s inflation rate would have been 6.9% instead of 6.7% had the new “basket” been in place.
April’s 6.8% inflation continues to be a concern as we’ve all experienced significant price hikes in nearly everything we purchase, especially food. We paid 9.7% more in April 2022 for groceries compared with April 2021.
When it comes to filling up the car, we’ve seen prices hit record highs. We’ve seen gas prices in May tracking double-digit prices increases which will no doubt keep overall CPI inflation high when the May numbers are released.