Inflation Update

General Inflation Report for FY24 Period 7 (March):

Canada inflation is 2.78% for FY24 Period 7. Meat and supplies are the main drivers; however, it is offset by decreases in beverages, dairy, disposables, and seafood. 

Download the full report for May 2024 here

Inflation rates across various categories in Canada are showing fluctuations. In the meat category, there's a significant rise, mainly driven by cooked, cured, and processed items due to seasonal demand and increased energy and transportation costs. Supplies category also saw an increase, primarily led by rising costs in dinnerware due to material and labor expenses. Beverages experienced a decrease in inflation, notably in tea prices. Dairy inflation also decreased, influenced by lower egg prices. Disposables and seafood categories both experienced decreases in inflation rates, with gloves and shellfish being the main drivers respectively.