Inflation has been on the minds of Manitobans for over four years now, but where are things currently? June of 2022 saw an annual high of 8.13 per cent inflation according to the Canada Consumer Price Index, while a year later, June 2023 saw a more reasonable 2.81 per cent.
So where does that leave us now? At the time of publication, the most recent numbers available were from December 2023, where 3.4 per cent inflation was reported for that month.
So, what is normal? The 1980s were a turbulent time for inflation, reaching double digit rates more than a few times. However, once out of that decade, Canada’s inflation rates stabilized. From 1992 to 2019, annual inflation hovered at an average of roughly 1.78 per cent. According to that number, inflation in December 2023 was still approximately double that rate.
Despite the high set in June of 2022, annual inflation for that year was 6.8 per cent, which means a year later we are now at half that number and that’s a good thing! That means inflation is coming down, perhaps slower than we would like, but as time rolls on, things should normalize further, giving Manitobans a little more room to breathe financially.
If you have any questions about your financial future, talk to the team at Access Credit Union. Contact us today.
