Food Driving Inflation Lower, but Groceries Much More Costly Than a Few Years Ago

Food inflation may be down from its highs, but prices at the grocery store are still significantly higher than they were just a few years ago. Statistics Canada reminded consumers that grocery prices are up 21.4 percent compared with three years earlier, even as it reported that food prices were one of the main factors driving inflation lower in April. The agency reported that inflation on groceries was just 1.4 percent in April. Cooling inflation on products like meat, fruit, seafood and non-alcoholic beverages helped overall inflation tick lower to 2.7 percent, down from 2.9 percent in April. However, slowing inflation doesn’t mean the price growth of the past several years is being erased....