Business

    • These are the foods costing you more, or less, according to Canada's latest inflation update

    Canada's headline inflation keeps going up, but Statistics Canada says grocery prices have flatlined.

    In the latest Consumer Price Index (CPI) report, StatCan says the year-over-year grocery prices "slowed" in August but remain "elevated."

    Headline inflation rose to 4 per cent year-over-year in August, following an increase to 3.3 per cent in July, which StatCan says is largely due to high gas prices.

    "We couldn't call it especially surprising, as anyone who puts gas in their car weekly might've guessed," Pierre-Benoît Gauthier, Assistant Vice President of Investment Strategy at IG Wealth Management, told CTVNews.ca in an email. "This uptick is mainly due to soaring energy prices."

    With the increase in gas prices, Canadians might welcome a break from soaring food costs that have been pinching their pockets for years.

    In August, the prices for fresh fruit, cereal products and fresh and frozen chicken slowed compared to July.

    A number of other products also saw a drop in prices, while some increased minimally.

    FOODS THAT 'SLOWED' IN PRICE

    Fresh and frozen pork saw a significant drop in August, falling six per cent from July. The item has decreased 0.9 per cent year-over-year.

    The pork inflation rate is about the same as bananas year-over-year, which is 0.9 per cent. From July to August, bananas dropped 1.5 per cent in price.

    Egg prices did come down about 0.5 per cent in August, but remain at a cost inflated about 3.6 per cent year-over-year.

    Processed meat also saw a slight decrease in price between July and August, with a rate of 0.2 per cent. Year-over-year the commodity is still high at four per cent.

    Orange prices decreased by 3.9 per cent in August, landing at a still-high 6.8 per cent year-over-year rate.

    Read more on BNNBloomberg.ca:

    As summer comes to a close, those seeking out ice-cream-related products will see a 2.5 per cent decrease in price. Year-over-year the items have a rate of 7.2 per cent.

    Other products have dropped in price between July and August but remain elevated year-over-year, the CPI report shows.

    Items like lettuce, tomatoes and fruit juice had small decreases in price from July but have inflation rates above 12 per cent year-over-year.

    Pasta products, which topped as the highest item increase in July, saw a decrease of three per cent in August. Year-over-year pasta remains pricey with a 12.8 per cent rate.

    Fresh vegetables including onions, carrots, peppers and cucumbers did see a small price decrease in August of 1.8 per cent, but remain one of the items with the highest inflation rate year-over-year at 14.8 per cent.

    FOODS THAT INCREASED IN PRICE

    Although there was minimal change in prices from July to August, as noted by StatCan, some items did cost Canadians more.

    Frozen and dried vegetables and edible oils and fats both increased by 0.7 per cent in price month-to-month.

    Both remained with a year-over-year inflation rate above 13 per cent.

    Fresh and frozen beef had one of the highest month-to-month increases rising 2.4 per cent. From August 2022 to August 2023 the product's inflation rate is 11.9 per cent.

    Coffee and tea also increased in price by 2.4 per cent from July, landing at a yearly inflation rate of nine per cent.

    Sugar and confectionary products climbed 2.2 per cent in August with a year-over-year inflation rate of 10.9 per cent.

    Fruit prices including grapes and berries did rise in price by 1.2 per cent in August. Year-over-year the price hovers around nine per cent higher.

    Other items that increased in price from July include butter, potatoes and apples. 

    Food inflation tracker

     
     
     
     
    All data is from Statistics Canada's consumer price index tracker. Data updates once per month. See release schedule for planned updates.

    Shopping Trends

    The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us.

    MORE Business News

    YOUR FINANCES

    CTVNews.ca Top Stories

    Canada

    World

    Politics

    Health

    Sci-Tech

    Entertainment

    Stay Connected

    Follow CTV News