Though sky-high inflation started to cool as 2022 wound down, food prices continue to rise faster than overall inflation, affecting consumers' wallets on a daily basis as interest rates rise.
started to cool as 2022 wound down,, affecting consumers' wallets on a daily basis as interest rates rise.prices were up 11 per cent on an annual basis compared with 6.3 per cent overall, thoughitem tracked by Statistics Canada went up in 2022, with one exception: canned salmon, which went down in price.
That's despite the Bank of Canada's desperate race to raise interest rates in 2022 in an attempt to rein inThe overnight rate went from 0.25 per cent at the beginning of the year to 4.25 per cent in December, and the central bank is widely expected to announce another increase next week. Gas prices have cooled from their lows , the housing market is sagging under the weight of interest rates spiking, and yetremains stubbornly high, staring consumers in the face every time they go to the grocery store.
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