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HomeNewsNWT inflation mirrors national rates, with food prices among most impacted

NWT inflation mirrors national rates, with food prices among most impacted

Inflation across the country has decreased in the last several weeks, though the price of food products continues to rise.

The latest numbers from Statistics Canada and the Consumer Price Index show that, across the country, general inflation for all items is currently sitting at 6.3%, which is down from the 6.8% it was at in November of 2022. This continues the downward trend that has been seen across the country since June of 2022, where the rate peaked at 8.1%.

As for food, there has been a slight drop, though only from 10.3% in November, to 10.1% in December. The cost of food has been on a steady climb across the country ever since April of 2021, where it sat at its lowest point in the last few years at only 0.9%.

These trends have been similar when localized to the Northwest Territories, though slightly below average. For general items, the most recent report shows a 7% rate. This metrics seems to have somewhat evened out over the past few months, after peaking in June at 8.3%. The rate for general items in the NWT hit its lowest point in December of 2021 at -1.4%.

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As with the rest of the country, food in the NWT has been getting more expensive, and has been on the climb for a while. the most recent report shows a rate of 9.9%, just dropping down from the highest rate in November of 2022, which sat at 10.2%. This rate was at its lowest point in March of 2021 at -2.2%.

Canadians have seen prices for general goods change drastically over the last few years due to a number of different causes. The cost of most goods did drop slightly between November and December of last year, though it remains uncertain if that rend will continue in the near future.

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