As of June, Canada’s annual inflation rate ticked up as the price of food, in particular, meat, and housing climbed, which was offset in part by lower gasoline prices. Statistics Canada announced on Friday that the consumer price index rose by 1.0 per cent in June compared with a year ago.
Much of the rise in inflation could be attributed to the drop in the Canadian dollar, as suspected by the Bank of Montreal senior economist Benjamin Reitzes. Since the start of the year, the Canadian dollar has fallen about 10 per cent against the American dollar which has raised the cost of importing goods from the country’s largest trading partner.
So how can you save some money this year? Well, maybe stop eating meat and maybe buying a house right now is not the best idea.