The best GIC rates in Canada for 2024 + MORE May 24th

Canadian inflation is down—mostly thanks to lower grocery prices

Believe it or not, the prices of the groceries in your shopping cart haven’t gone up much since last year.

Prices went up a lot in the preceding three years, and although they’re not coming back down, at least they’re not rising as quickly.

Statistics Canada released the latest Consumer Price Index (CPI) numbers on Tuesday. April’s year-over-year increase of 2.7% is the lowest inflation reading since March 2021. Lower price increases for meat products were the main contributor to the mild 1.4% food price increase. Other grocery items with relatively low price increases were non-alcoholic beverages, bakery products and cereals. Fruits, nuts and seafood actually came down in price in April.

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Why trust us

MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

By Keph Senett and Justin Dallaire on May 24, 2024Estimated reading time: 22 minutes

Currently, Canadians can find many GICs with rates in the 4% to 5% range—that’s good compared to a few years ago, but not quite the 6% you could get last fall…