Getting the inflation number right is important because so much is based on it, including Bank of Canada rate decisions and cost-of-living adjustments for pensions and some social payments.
It used to be said that a penny saved was a penny earned, but rising prices helped push out the penny years ago, and with inflation now running at well over seven per cent, it's eating into every nickel and dime.
There have been numerous method changes to make it more accurate since the government first started to track inflation in 1914 as war in Europe, record-high immigration and land speculation were driving up prices, but the data still attracts a fair amount of skepticism. The sources of the potential error in creating the number point to just how tricky it is to keep on top of tracking what price increases the average consumer faces.
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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