Inflation and higher interest rates have eroded Canadians' purchasing power since 2022, particularly for lower-income households, according to the Parliamentary Budget Officer.
Despite cooling inflation and interest rates, Canadians are still struggling financially, and a new poll suggests some are even more stressed about their money. Personal finance expert, Rubina Ahmed-Haq joins Miranda Anthistle to break down the survey and offer ways people can make a practical change to save.But wealthier households have seen their purchasing power rise thanks in big part to their investment income.
“However, this conclusion does not provide a full picture of the recent changes to purchasing power in Canada,” the report said. “In fact, it is widely accepted that inflation and the accompanying tightening of monetary policy have affected household purchasing power disproportionately, depending on income level.”For the lower-income households, “small increases in income were not enough to counteract the effect of inflation on their purchasing power.
While higher interest rates weighed on many households as the cost of their mortgage payments rose, it also helped boost investment income, the report said.
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Inflation, interest rates eroded Canadians' purchasing power since 2022: PBO reportOTTAWA — A new report from the Parliamentary Budget Officer says inflation and higher interest rates have eroded Canadians' purchasing power since 2022, particularly for lower-income households.
Read more »
Inflation, interest rates eroded Canadians' purchasing power since 2022: PBO reportOTTAWA — A new report from the Parliamentary Budget Officer says inflation and higher interest rates have eroded Canadians' purchasing power since 2022, particularly for lower-income households.
Read more »
Inflation, interest rates eroded Canadians' purchasing power since 2022: PBO reportOTTAWA — A new report from the Parliamentary Budget Officer says inflation and higher interest rates have eroded Canadians' purchasing power since 2022, particularly for lower-income households.
Read more »
Inflation, interest rates eroded Canadians' purchasing power since 2022: PBO reportOTTAWA — A new report from the Parliamentary Budget Officer says inflation and higher interest rates have eroded Canadians' purchasing power since 2022, particularly for lower-income households.
Read more »
Inflation, interest rates eroded Canadians' purchasing power since 2022: PBO reportA new report from the Parliamentary Budget Officer says inflation and higher interest rates have eroded Canadians' purchasing power since 2022, particularly for lower-income households.
Read more »
Inflation, interest rates eroded Canadians' purchasing power since 2022: PBO reportOTTAWA — A new report from the Parliamentary Budget Officer says inflation and higher interest rates have eroded Canadians' purchasing power since 2022, particularly for lower-income households.
Read more »