CPI is broken down into eight categories called 'baskets' to show the average cost of goods and services. Each basket, including food, transportation, and shelter, contributes different weights to the overall CPI.
Statistics Canada reviews basket weights annually to align them with current spending trends. The weight of the food basket in CPI increased from 16.13% in 2022 to 16.72% in 2023 due to increased spending on food.
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