The COVID-19 pandemic has had an undeniable impact on the way that we spend money. Documenting these shifts in spending patterns is crucial to decision making and providing Canadians with timely and accurate information on consumer price changes. The Consumer Price Index (CPI) is the most widely used indicator of consumer price change and inflation in Canada. Our guest, Taylor Mitchell, an economist at Statistics Canada, explains why the CPI is an important tool for setting economic policy and monitoring economic conditions. She will also shed light on why you should care about inflation, its impact on different population groups and the cost of living.
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