However, the latest Consumer Price Index (CPI) — a report put out by Statistics Canada to measure inflation — has reported that inflation is on a downward slope and some essential items are actually getting cheaper.
But, it's not all good news, with certain products still getting more expensive and others getting more expensive — but at a slower rate.
The overall inflation rate for December 2022 was 6.3%, meaning it's risen by that amount since December 2021.
It's a slight decrease from the November rate, which was 6.8%, and exactly how this change translates to day-to-day expenses is a little bit more complicated.
\u201cThe Consumer Price Index (#CPI) rose 6.3% year over year in December 2022, following a 6.8% increase in November. To learn more: https://t.co/yDBG4qLvgb.\u201d— Statistics Canada (@Statistics Canada) 1673963112
For example, in December, gasoline prices actually went down by 13.1% compared to November, the biggest monthly decline since April 2020.
However, on a yearly basis, gas prices have still actually increased by 3%. But, compared to November's increase of 13.7%, it seems gas bills might be getting a little more affordable.
The cost of household appliances also saw the biggest monthly decrease on record from November to December. In the last month of the year, prices went down by 4.1%.
For a yearly analysis, this looks like a 2.8% jump in December for the cost of appliances, compared to November's 7.4%.
Not everything is getting cheaper, though. Grocery store prices are still up, just at a slower pace than in previous parts of the year.
While the increases are slowing down, Canadians are still paying 11% more for groceries than they did in December of 2021, which is a slight decrease from the 11.4% year-over-year increase seen in November.
This is especially felt in non-alcoholic beverages (up 16.6% since last year), bakery products (up 13.5%) and coffee and tea (up 13.2%).
It's an indication of a potential trend, but still proof that you'll be paying a lot for food still.
In the world of housing, prices aren't slowing down either, with the mortgage interest cost index going up by a whopping 18% in December 2022 when compared with December 2021. This is up from November 2022, which had the slightly-lower rate of 14.5%.
So, while some areas of the economy seem to be on a downward trend, others are exactly the opposite.
So, one can only hope that we can start to see inflation go down in Canada as factors like the interest rate affect how Canadians are spending their money.
This article's cover image was used for illustrative purposes only.