this post was submitted on 27 Jun 2023
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Canada

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Canada's inflation rate decelerated to 3.4 per cent in the year up to May, Statistics Canada said Tuesday, led by sharply lower gasoline prices. But beneath the headline slowdown in consumer prices, many facets of the cost of living are still increasing at an eye-watering pace. Grocery prices went up at an almost nine per cent pace.

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[–] GrindingGears@lemmy.ca 32 points 2 years ago* (last edited 2 years ago) (13 children)

Maybe it's time for the Canadian government to now focus on what's actually causing inflation, instead of jacking up interest rates quarter over quarter. Maybe go after the grocery and gasoline retailers for their quite clearly collusive behaviour. Because putting my mortgage up another $1,000 a month isn't going to fix that.

[–] skotishsky@lemmy.ca 29 points 2 years ago (5 children)

The Canadian government does not control the bank of canada

[–] zedtronic@kbin.social 7 points 2 years ago

True but the government can take legislative measures that would decrease inflation, and so it wouldn't be necessary to raise rates.

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