Statistics Canada data shows net average household savings have declined across all income brackets
OTTAWA — Inflation has eroded purchasing power for many Canadians, but the experience with rapidly rising prices has been far from uniform.
But even as inflation slows, food prices in particular have been a pain point for many Canadians. In December, grocery prices were 11 per cent higher than they were a year ago.Wages are rising buthave not kept up with the rate of inflation. In December, average hourly wages were up 5.1 per cent compared with a year ago.
Workers can't always negotiate their pay to reflect the rise in the cost of living. Unionized workers, for example, negotiate contracts on fixed schedules. With less of a savings buffer, lower-income Canadians have a harder time covering the costs of rising bills. Meanwhile, higher income earners can absorb additional costs by reducing their savings.
Federal Conservatives have been particularly focused on affordability concerns and have been calling on the government to rein in spending.
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