Inflation slowed to 7.6% in July. What does that mean for the Bank of Canada? - National | Globalnews.ca
Statistics Canada says the country's headline inflation figure dipped slightly to 7.6 per cent in July, down from 8.1 per cent the month before.
globalnews.ca
Technically this is true. But if you read between the lines, the actual costs of the things most people consume the most actually still went up. Food is way up, housing is way up. Gas is down slightly but it's still way higher than it was at the start of the year.
So while they can try to paint it as a good news story (and it is to some degree) the average canadian is still getting clobbered like hell from higher 'realized' inflation in their everyday lives.
It's also a little concerning that its a drop in gas prices that eased inflation. That only happens because world wide demand goes down. That strongly indicates that economic activity in other countries is slowing down, and that can lead to a stronger world wide economic slowdown or recession. Canada is a trading nation and that suggests we could face a reasonably nasty recession that might be a little deeper and longer than we would have hoped for.
We'll see i guess, but i'm still thinking we're going to have a recession beginning in 2023 and i think the recovery will be slow.
