The Consumer Price Index measures the average price increase for the average household. According to Statistics Canada, the average family spends 17% on food. If food accounts for more of your personal spending, and inflation is higher for food then your personal rate of inflation is above the current inflation rate of 4.8%.
For people living on fixed incomes, food and energy consume a larger share of their household budgets. For wealthy families food may only be 1% of their annual spending. Meanwhile, inflation has increased the value of their assets. A senior citizen on a fixed income might face a personal inflation rate of 10%, while a person who can afford to take a private jet to a climate conference may have a personal inflation rate of 1%.
When you are as wealthy and privileged as the current Prime Minister, you don’t need to think about monetary policy, because it doesn’t affect you. For the rest of us, the price of food and gas is something we think about every day.