My recent shout-out asking for examples of inflation produced a full shopping list full of examples. We know inflation is on the rise – we started the year with prices rising 1 per cent year over year and hit 3.6 per cent in May. Now, let’s look at some specifics, as reported by readers of this newsletter:
- A reader in Woodbridge, Ont., reports that a five-litre jug of canola oil recently sold at one national retailer for $13.99, up from $11.99 a few weeks ago and $6.99 in the past.
- A reader in Kamloops, B.C., found that carpeting went from $3.57 a square foot in January to $4.50, which was negotiated down to $4.20.
- A men’s haircut for one reader has climbed to $40 from $30.
- A pint of beer at a restaurant in Guelph, Ont., has gone from $8 to just over $10.
- Packs of bacon purchased by one reader have remained steady in price, but the weight has fallen to 375 grams from 500g.
- An Ottawa reader offered a bunch of examples of food inflation, including a jump in the price of chicken thighs to $25 a package on average from $18; yeast has risen to $5.49 from $4.50 or so.
- A fireplace insert will cost a reader in Victoria close to $7,000, compared with $4,000 for a friend who bought something similar two or three years ago.
- A pack of generic paper towels has risen to $5.99 from $4.99 a few months ago, a reader reports.
- A dozen bagels purchased by one reader at an independent bakery have gone from $11.99 to $15.99 in a year.
Statistics Canada has built a calculator to find your personal inflation rate, based on your monthly expenses. I calculated our household inflation rate at 3.8 per cent. What’s yours? Let me know at rcarrick@globeandmail.com.
Subscribe to Carrick on Money
Are you reading this newsletter on the web or did someone forward the e-mail version to you? If so, you can sign up for Carrick on Money here.
Rob’s personal finance reading list
Her wedding plans have changed – a dozen times
Add weddings to the list of things getting more expensive as the economy reopens. There’s a huge backlog of events that are now going ahead, and that’s putting upward pressure on prices. We tackled wedding costs in a recent episode our Stress Test personal finance podcast for Gen Z and millennials.
Best apps for transferring money internationally
The Savvy New Canadians blog surveys apps for sending money to family and friends who live outside Canada. Here’s some guidance from the federal government on international money transfers.
‘Have fun staying poor’
A Financial Times columnist says this jibe has been thrown at her following critical comments on bitcoin. Her response, and it’s a good one, is to note the similarities between crypto investing and a Ponzi scheme.
Pirates, dog statues and Captain America
For your amusement – photos of, um, unique objects of art featured in real estate ads.
Ask Rob
Q: Why on earth would Canada’s major banks choose now to raise their fees for most types of accounts and transactions? Record profits, many suffering. Boggles the mind. On the same subject, is there a good bank fee comparison tool that you could recommend?
A: Try the chequing and saving account comparison tool from the federal Financial Consumer Agency of Canada. Banks raise fees because they can. Most customers just pay the extra.
Do you have a question for me? Send it my way. Sorry I can't answer every one personally. Questions and answers are edited for length and clarity.
Today’s financial tool
An online tool that will help you get an idea of your risk of suffering from dementia. Dementia risk is something to consider in your retirement planning.
The money-free zone
I recently took a halftime break from A Promised Land, Barack Obama’s book about his presidency, to read Jonny Appleseed, by Joshua Whitehead. It’s about “a young Two-Spirit/Indigiqueer,” to quote the publisher, who works in the city as a big city cybersex worker. One of my best reads this year.
ICYMI
What I’ve been writing about
- Seven ETFs to fight inflation’s predation in your investment portfolio
- Top dividend ETFs for yield-hungry investors
- BlackRock’s chief strategist for Canada on how to position your portfolio for the tougher investment days to come
More Rob Carrick and money coverage
Subscribe to Stress Test on Apple podcasts or Spotify. For more money stories, follow me on Instagram and Twitter, and join the discussion on my Facebook page. Millennial readers, join our Gen Y Money Facebook group.
Even more coverage from Rob Carrick:
- 🎧 Catch up on Stress Test: Are your parents giving you money? • Why it’s time to stop shaming the renting lifestyle • Is now the right time to buy a house? • Why are young Canadians leaving the cities they love? • Eating in: How COVID has shifted our food spending • Crisis-proof your finances? • Can you afford to live downtown? • The cost of kids
- ✔️ The housing file: The housing boom is ripping apart the financial fabric of Canada • Shut out: A well-qualified millennial home seeker throws up his hands after losing multiple bidding wars • Big city housing affordability is over – now what? • She sold her Toronto house to retire somewhere cheaper, but it didn’t work • How young adults and the whole country win with a tougher mortgage stress test for home buyers • Can’t afford your house? It’s likely not your fault
- 📈 Investing: Robo-advisers have grown out of the novelty stage. Here’s help in finding one right for you • The 2021 ETF Buyer’s Guide: Best Canadian equity funds • The 2021 Globe and Mail online brokerage ranking: Who’s best for investing … and answering the phone • Are these the stock market returns of a lifetime? • On the cusp of retirement and wondering about an ETF that pushes the limits on aggressiveness
- 💰 Your money: The five most important numbers for checking the health of your personal finances • Today’s freakishly low mortgage rates can’t last. What will pandemic home buyers do when they rise? • There’s a cost in money, isolation and family stress when seniors choose to remain in their own private homes • Taking CPP early can cost you $100,000 and limit your long term options • Fleeing the city for the suburbs? Watch out for higher property taxes, more cars and other costs
Are you reading this newsletter on the web or did someone forward the e-mail version to you? If so, you can sign up for Carrick on Money here.
Rob Carrick