What the data says about the cost of living in 2023
Russia’s invasion of Ukraine disrupted global fuel supplies and caused gas prices to reach record levels. The Bank of Canada’s aggressive interest rate hikes reinforced recession fears for Canadian consumers. And inflation remained an underlying theme of concern.
"We had a pretty good in December,” he said. “The world got very nervous about rising interest rates, demand destruction, and COVID lockdowns in China. And all those played very heavily towards keeping prices in check and pushing them down," McTeague said The report anticipates that a family of four will have an annual food expenditure of up to $16,288.41, “an increase of up to $1,065.60 over the total annual cost [in 2022.]”
The report explained that limits in wheat and sunflower oil also largely contribute to supply failing to meet demand, which will continue to be a problem as Western sanctions block Russian exports.There is some good news for Canadians, however, and it’s in housing affordability, as experts anticipate a continued correction trend, which has been sustained since the summer of 2022.
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