It\u0027s not just average consumers who find it hard to trust the inflation numbers. Read more.
So while inflation is clearly happening, accurately capturing in a single number all the various price changes across the Canadian economy is much less straightforward.
The Bank of Canada and others have noted that Canadians often think inflation, as measured by the consumer price index , is running hotter than official data, but it’s not just average consumers who find it hard to trust the numbers. A key source of error is the substitution effect, where consumers will switch products when their normal choice gets too expensive, such as from sirloin to ground beef. The CPI will still be measuring how much the price of sirloin has changed, but the shopper has already moved on.
Statistics Canada also used to gather in person about half of the 93,000 prices it collects monthly, but the pandemic helped accelerate a shift to using receipt data provided by retailers, as well as more prices sourced online and by phone. The increased data helps the agency know what the most popular products are, said Mitchell.
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