Inflation has eroded purchasing power for many Canadians, but the experience with rapidly rising prices has been far from uniform.
While the inflation rate shows how quickly prices are rising, other factors like income and consumption patterns can make it harder or easier for people to cope.
Brendan Bernard, a senior economist with hiring website Indeed, says Canadians on average have seen their real wages fall by about one per cent during that time period. "It will take potentially quite a bit of time for the current spike in inflation to be compensated for with increased wages for individuals," Tombe said.Though most Canadians have probably experienced sticker shock at the grocery store or elsewhere, not everyone is equally strained.Depending on what people buy, the amount they need to maintain their consumption levels and lifestyle could be higher or lower than the headline inflation rate.
Statistics Canada data shows net average household savings have declined across all income brackets. But the trend is more alarming for households in the bottom 40 per cent because they tend to spend more than they earn in income.
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