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Stats Canada released their latest inflation numbers, those for the month of January, which, according to a CBC report, showed inflation restricted to one percent this year over last year, largely due to the falling price of fuel. That is all well and good, but methinks they might have a problem with the weighting of items and perhaps with what they include and exclude from the “basket” of goods and services that they weigh in their calculations. The fuel price bonus has already largely been recouped by the gas companies, but the price of produce, meat, dairy, and even chick peas has increased substantially, and I saw another item this morning that olive groves around the Mediterranean are stressed and under producing with a thirty percent rise in price on the horizon. The hummus futures market is in total turmoil, I would imagine. Also on the rise are hydro bills, MSP premiums, drug costs, insurance rates and a host of federal and provincial fees and levies.

Much of the reasoning for the current methodology became clear when the Gregorman mentioned that this one percent figure would be used to calculate revised pension rates and cost of living adjustments in labour contracts. Once again, our reigning clique proves that inflation is no problem until it hits wages and salaries, then the war is on.