#JustCurious: How is Canada's inflation rate determined
The Bank of Canada increased its key lending rate for a third time recently to stem the rising tide of inflation. Experts say inflation is running at it’s fastest pace since the early 1990s.
Inflation is defined by the Oxford Dictionary as a general increase in prices and a fall in the purchasing value of money.
Economists in this country use the consumer price index (CPI).
The CPI looks at a ‘basket’ of goods and services that roughly represent an average consumer’s purchases in a month.
The items in that basket include things like food, shelter, clothing, furniture, transporation and recreation. The number is re-evaluated on a monthly basis to keep tabs on costs.
The Bank of Canada has an inflation calculator tool on its website that you can use to compare.
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