By Canadian Press

Statistics Canada preps new online inflation tool to better detail price impacts

Sep 1, 2020 | 10:43 AM

OTTAWA — The national statistics agency is readying a new online tool designed to help Canadians track the impact of price changes on their spending during the pandemic.

Statistics Canada already has a visualization tool that allows users to see the changes in prices for goods that make up the country’s headline inflation number.

A senior official with the agency says the next step is to let individuals put in their own spending patterns to generate a consumer price index unique to themselves so they can better see themselves in the data the agency collects.

Assistant chief statistician Greg Peterson says the online tool is still a work in progress, but meant to address a gap between official measurements of inflation and consumers’ price perceptions.

Inflation rates collapsed as economic restrictions were put in place earlier this year to curb the spread of COVID-19, and price increases overall are expected to stay low through next year.

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But consumer perceptions suggest a belief that prices are rising as Canadians buy more things that are rising in cost like food, and less of goods whose prices have declined such as gasoline.

This report by The Canadian Press was first published Sept. 1, 2020.

The Canadian Press