Industrious1 Posted October 20, 2021 Share Posted October 20, 2021 It's been nearly 20 years since inflation has been this high in Canada Social Sharing Food prices a major contributor to increase Pete Evans · CBC News Martin Rolin rummages through vegetables in Toronto's Kensington Market on Tuesday. (Sam Nar/CBC Canada's inflation rate rose to a new 18-year high of 4.4 per cent in September, with higher prices for transportation, shelter and food contributing the most to the jump in the cost of living. Statistics Canada said Wednesday that the transportation index, which includes gasoline, rose by more than nine per cent. Gasoline prices have risen by almost 33 per cent in the past year, the data agency said. In addition to the cost of a fill-up, a major factor in the cost of transportation is the price of a car, which is also going up at a swift pace. The data agency calculates that prices for new cars rose by 7.2 per cent in the past year. "The global semiconductor chip shortage, leading to limited supply, contributed to higher prices in September," Statistics Canada said. ANALYSIS How the COVID-19 semiconductor shortage has brought Canada's car industry to a halt — again Shelter costs have gone up by 4.8 per cent in the past year, while food prices are up by 3.9 per cent. Prices for just about every type of food went up sharply, especially meat, which rose at an annual pace of 9.5 per cent. That's the fastest pace of increase in meat prices since 2015. Shopping for food at a grocery store in Toronto on Tuesday, Martin Rolin said price increases have pushed meat beyond his budget. "I stopped buying beef a few years ago because it's just too expensive," he told CBC News in an interview. "I usually try to get [groceries] during sales but they're getting reduced less and less." Chicken prices are up 10 per cent in the past year, while beef is up by more than 13. Pork is up by more than nine per cent, Statistics Canada says. The only part of the grocery basket that's giving shoppers relief right now is fresh veggies, which have gotten 3.2 per cent cheaper in the past year. Link to comment Share on other sites More sharing options...
RUPERTKBD Posted October 20, 2021 Share Posted October 20, 2021 Slowly coming out of a 2 year pandemic...global supply lines disrupted....taxpayer funded relief to millions.... The real surprise would be if inflation was not at an 18 year high.... 1 1 1 Link to comment Share on other sites More sharing options...
King Heffy Posted October 20, 2021 Share Posted October 20, 2021 1 minute ago, RUPERTKBD said: Slowly coming out of a 2 year pandemic...global supply lines disrupted....taxpayer funded relief to millions.... The real surprise would be if inflation was not at an 18 year high.... That Suez blockage will also be felt for ages. 2 Link to comment Share on other sites More sharing options...
Wolfgang Durst Posted October 20, 2021 Share Posted October 20, 2021 read today that people with low wages can't afford heating because of the steep prices for gas and oil. I mean especially in winter when it's cold you should have at least a warm room. Not only gas and oil but also prices for food skyrocketed. It's on the OPEC and countries like Venezuela, the united states to increase the exploitation of oil to get the prices down. 1 Link to comment Share on other sites More sharing options...
Fanuck Posted October 20, 2021 Share Posted October 20, 2021 8 minutes ago, Wolfgang Durst said: read today that people with low wages can't afford heating because of the steep prices for gas and oil. I mean especially in winter when it's cold you should have at least a warm room. Not only gas and oil but also prices for food skyrocketed. It's on the OPEC and countries like Venezuela, the united states to increase the exploitation of oil to get the prices down. In a similar way that the government took steps recently to stop the practice of 'renovictions' and obscene 'rent hikes' they should take measures to stop the dramatic escalation of essential services imo such as gas/hydro/ect.... I've heard numerous stories about people starting to 'hoard' consumer goods like happened at the outset of the pandemic. With the X-mas season approaching quickly the government needs to act on this proactively in my view to prevent some people suffering. Link to comment Share on other sites More sharing options...
nuckin_futz Posted October 20, 2021 Share Posted October 20, 2021 The Federal Reserve (USA), The ECB (Europe) along with nearly every other Central Bank have been inflating the monetary supply at an obscene rate since the Great Recession in 2008. In fact the Fed used to report a stat called M2 Monetary supply. In about 2010 they stopped reporting it all together saying no one cared about the report. They have been attempting to re-write the laws that govern finance since then. When I say laws I don't mean actual laws but rather the natural laws of supply vs demand that keep things in check. The central banks have a target of 2% per year for inflation and have been missing that target on the downside for at least the last ten years. On a ten year average even with this recent bout of inflation it wouldn't even register a 2% average per year for the last ten years. The tune every Central banker is singing is that this bout of inflation is transitory. It remains to be seen if that is true. The natural laws of supply and demand state if you inflate the monetary supply inflation follows. Voila. This isn't Biden's, Trump's or Trudeau's fault. This is on Ben Bernanke, Janet Yellen, Jay Powell, Mario Draghi, Christine LaGarde, Hideki Kuroda etc. for the most reckless monetary policy one can imagine. 3 Link to comment Share on other sites More sharing options...
Gurn Posted October 20, 2021 Share Posted October 20, 2021 Last week inflation smacked me in my face, at the grocery store. Kitty Litter- was $5 for 7 kilos of chipped, clay; next day $7.47 at Fresh co. Hash browns went from $1.97 to $2.47 next day at Fresh co. Heat and serve deli shepherds Pie was $8, next day $8.99 at Quality foods. Really noticed it, as I'd gone shopping with Mom, the day before I did my own. 2 Link to comment Share on other sites More sharing options...
AriGold Posted October 20, 2021 Share Posted October 20, 2021 1 hour ago, King Heffy said: That Suez blockage will also be felt for ages. Only 12% of global trade.. Link to comment Share on other sites More sharing options...
Warhippy Posted October 20, 2021 Share Posted October 20, 2021 An estimated $17 billion in food crops rotted on the vine due to drought or lack of man power to process. With record lows in the modern era gas/fuel prices hovered at or around the same as when oil sold for record amounts of $140+ a barrel. The price of a 3 bedroom home in New Brunswick skyrocketed over 70% in an area if the nation with consistently low home prices. The prices of food, fuel/gas and housing have completely gone over the end of reason in the face of profits. In a world of interconnected global trade these issues plus increased shipping costs from China, supply shortages and blatant price fixing it's a wonder we haven't torn the system down to the ground yet 1 Link to comment Share on other sites More sharing options...
Heretic Posted October 20, 2021 Share Posted October 20, 2021 Thank you Justin Trudeau! 2 1 1 Link to comment Share on other sites More sharing options...
RUPERTKBD Posted October 20, 2021 Share Posted October 20, 2021 25 minutes ago, Heretic said: Thank you Justin Trudeau! Agreed. I'm pretty pissed off at him about all the rain we've been having this fall too..... 1 1 Link to comment Share on other sites More sharing options...
Elias Pettersson Posted October 20, 2021 Share Posted October 20, 2021 This is what happens when our governments have the ability to simply print money to get out of financial crises. Nobody even knows how much money is out there as it's not even tracked anymore since like 1971. Expect inflation to skyrocket over the next 2 years as governments keep printing trillions of dollars to pay the bills. It could get ugly... 1 Link to comment Share on other sites More sharing options...
DrJockitch Posted October 20, 2021 Share Posted October 20, 2021 5 minutes ago, RUPERTKBD said: Agreed. I'm pretty pissed off at him about all the rain we've been having this fall too..... He is fully responsible for the global supply chain problems. How can the Americans blame Biden, don't they know it was Trudeau. 1 Link to comment Share on other sites More sharing options...
Warhippy Posted October 20, 2021 Share Posted October 20, 2021 (edited) 49 minutes ago, Heretic said: Thank you Justin Trudeau! "Smrt" comment is "smrt" Edited October 20, 2021 by Warhippy Link to comment Share on other sites More sharing options...
Warhippy Posted October 20, 2021 Share Posted October 20, 2021 21 minutes ago, Elias Pettersson said: This is what happens when our governments have the ability to simply print money to get out of financial crises. Nobody even knows how much money is out there as it's not even tracked anymore since like 1971. Expect inflation to skyrocket over the next 2 years as governments keep printing trillions of dollars to pay the bills. It could get ugly... Pay your bills carry no debt and you'll be fine if you don't go overboard 1 Link to comment Share on other sites More sharing options...
Elias Pettersson Posted October 20, 2021 Share Posted October 20, 2021 38 minutes ago, Warhippy said: Pay your bills carry no debt and you'll be fine if you don't go overboard In theory that should be the plan. In reality the average person lives paycheque to paycheque and is in danger of losing their house if they lose their job. Consumer debt is at an all time high. And prices for good and services as well as real estate is also at an all time high. It’s a recipe for disaster especially given the fact that we are still in the middle of a pandemic with no end in sight. If things don’t turn around in the next year we could see a stock market and real estate crash of epic proportions with double digit inflation. 1 Link to comment Share on other sites More sharing options...
nuckin_futz Posted October 20, 2021 Share Posted October 20, 2021 1 hour ago, RUPERTKBD said: Agreed. I'm pretty pissed off at him about all the rain we've been having this fall too..... That son of a B**ch promised us "Sunny Ways". 1 Link to comment Share on other sites More sharing options...
JM_ Posted October 20, 2021 Share Posted October 20, 2021 Just now, nuckin_futz said: That son of a B**ch promised us "Sunny Ways". they are sunny. Sun ain't cheap, bro. Link to comment Share on other sites More sharing options...
nuckin_futz Posted October 20, 2021 Share Posted October 20, 2021 41 minutes ago, Elias Pettersson said: In theory that should be the plan. In reality the average person lives paycheque to paycheque and is in danger of losing their house if they lose their job. Consumer debt is at an all time high. And prices for good and services as well as real estate is also at an all time high. It’s a recipe for disaster especially given the fact that we are still in the middle of a pandemic with no end in sight. If things don’t turn around in the next year we could see a stock market and real estate crash of epic proportions with double digit inflation. The only thing that could crash the stock market is a rapid rise in interest rates. With governments around the world running massive deficits and controlling interest rates that isn't going to happen. Look at the Fed's overnight repos. They are currently consistently in the $1.5 trillion dollar range. The repo is a reverse lending facility where Investment banks and dealers lend money to the NY Fed overnight. They have so much friggin cash sloshing around they lend the Fed $1.5 trillion each night and the Fed gives it right back to them with .05% interest per annum. How does any market crash when there's literally at least $1.5 trillion dollars looking for a home? Where else is that money going to find any liquid yield apart from the stock market? Link to comment Share on other sites More sharing options...
Russ Posted October 20, 2021 Share Posted October 20, 2021 How I feel the government wishes we would turn a blind eye to the last 20+ years of spending..... I love how the CRA will go after people for missed taxes but the government can print as much money as they want, go into as much debt as they want, and really just say "oh you know its in the best interest of the people" 1 Link to comment Share on other sites More sharing options...
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