The overall rate of inflation may have fallen dramatically, but the big picture is more complicated
Drop in inflation doesn’t mean lower prices… just means slower increases.
Grocery prices remain persistently high, having grown 9.0 per cent year over year. Last month, the rate of change was basically the same, at 9.1 per cent. Restaurant food is also up at 6.8 per cent compared with a year ago, a faster rate of inflation than last month.
This is what’s emptying my wallet, my shopping carts feels emptier but the cost is higher.
I’d like to see this year compared to two years ago. I’m no statistician so I don’t know how to do that math (do you just add the ~7% from last year and the ~3% from this year together?).
Almost. An increase of 7% is: 1 + 0.07 = 1.07. A further 3% increase is 1.03 times that, which results in 1.07 x 1.03 = 1.102 or a 10.2% increase.
Thank you. So when they say inflation was ‘only’ ~3% they’re making it sound better than it really is. 🤮
Can’t help but think int rates will go up to 7% by end of this year.
