The long-awaited decline in food inflation has yet to come
Most forecasters expect the Bank of Canada to raise interest rates again in July
Many consumers don't understand current market risks
Households had greater purchasing power in Q4 2022 than before the pandemic
With inflation at 8.7%, monetary policy committee raised interest rate to 5%
Latest hike came after inflation rose slightly to 4.4% in April
Rates to stay higher for longer amid inflation, 2024 forecast revised down
Sales at general merchandise retailers rose 3.3% in April, while food and beverage retailers saw a gain of 1.5%
Inflation held steady at 8.7% in the year to May, against expectations for a modest decline
Process of getting inflation back down to 2% has "a long way to go,'' Fed chairman says