December 1, 2021 - This article first appeared in The Walleye Magazine, December issue.
Figure 1: Annual Inflation Rate of Thunder Bay
Source: Statistics Canada
Figure 2: Year-Over-Year Inflation for various sub-categories for Ontario for Sept-2021
Figure 3: Number of donors in Thunder Bay
The winter holidays are around the corner, and with it comes the spending season. As consumers get ready to spend their hard-earned dollars on gifts for friends and family, there is no time like the ‘present’ – pun intended – to look at how the prices of consumer goods have changed over time.
Overall, inflation has increased the price of consumers goods in Thunder Bay by one per cent over the last couple of years with some category of consumer goods fluctuating more than others. If you’re running on a tight budget, avoid buying watches and jewellery this holiday season as these consumer goods have increased by about five per cent since last year. That means that a ring that cost $1000 a year ago, will now cost you $1052. But before you get your tinsel in a knot, there are some consumer goods that have decreased in price over 2020. The price of clothing and shoes have seen a price drop by about 0.4 and two per cent, respectfully.
On the other hand, we should try to support community members who are unable to fully enjoy the season’s festivities. Figure 3 shows the number of donors for Thunder Bay. Donations are an important source of assistance for the vulnerable members of our community and there is a lower number of donors each year. Nonetheless, lets aim try to break the trend this year.
Samrul Aahad is an Economist at NPI
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