While food price hikes are generating most of the headlines, health and beauty prices have soared relative to them, according to the latest Numerator data.
The insight firm’s Canadian Price Pulse, updated mid-December, reveals health and beauty prices were up about 15% relative to the same period a year ago, compared with about 4% for groceries, which appears to be tapering off from an average price per item spike of almost 11% in October.
It’s part of a broader trend of healthy and beauty price increases, from under 5% in August of 2021, to a whopping 18.5% from the end of October 2022.
In the most recent week, rates of inflation facing Gen Z and middle income consumers have increased.
According to Numerator numbers, gas and convenience grocery inflation remains high compared to prior weeks, while drug channel grocery inflation remains elevated. By contrast, liquor inflation continues to under-index compared with the year prior. On the positive side, prices for everyday household items were up only 0.88% compared to a year ago.
Numerator’s monthly Consumer Sentiment Study, meanwhile, reveals that consumers are facing multiple disruptions to their everyday lives and routines.
This month, discomfort in discretionary spending grew overall among consumers, especially regarding discretionary travel spend. Across all income levels, 73% of Canadians feel uncomfortable about splurging on premium or luxury items, while 71% report rising gas prices are impacting their ability to afford other things.
Overall, consumer financial concerns are holding steady, with 30% of consumers rating their level of concern a “ten out of ten.”
The majority of Canadians feel the country is in an economic recession (71%) and expect inflation to worsen in the next few months (81%), while (45%) of Canadian consumers still say personal finances are their top concern in the coming month.