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summerize this: Grocery prices are still rising at a far higher annual pace than overall inflation, but experts expect to see them continue moderating as
summerize this: Grocery prices are still rising at a far higher annual pace than overall inflation, but experts expect to see them continue moderating as the year progresses. The price of groceries grew 8.5 per cent in July compared with last year, down from a 9.1 per cent year-over-year gain in June, according to Statistics Canada. The slower growth was mainly thanks to easing prices in the fresh fruit and bakery products categories, the agency said. Eight and a half per cent is still a far cry from the headline inflation reading of 3.3 per cent in July, which has significantly fallen from a high of more than eight per cent last year. A meat counter in a grocery store is seen in Montreal, on Thursday, April 30, 2020. THE CANADIAN PRESS/Paul Chiasson But looking at the year-over-year increase in food prices doesn't tell the whole story, said Michael von Massow, a food economy professor at the University of Guelph in Ontario. Some of the biggest monthly increases in food prices happened last fall, meaning the annual rate of food inflation is skewed by those, he said. On a month-over-month basis, grocery prices actually rose slower than overall inflation in
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