According to media reports on October 19, the impact of inflation is far from over as prices of food and other major consumer goods continue to climb in Canada.
According to the latest Statistics Canada, despite a slight decline to 6.9% in September, while the overall inflation rate was 7% in August, prices of food products across the country increased at the fastest year-over-year since 1981. Among them, the highest average increase in the price of cereals is about 18%, bread, coffee, and tea more than 16%, vegetables and fruits at least 11%, while dairy products and meat also rose nearly 10%.
The Royal Bank of Canada recently announced they’re anticipating a moderate recession to hit Canada in early 2023. Meanwhile, the housing market has cooled sharply, while the labor markets remain strong, employment has fallen by nearly 100,000 headcounts over the last four months.