OTTAWA — 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.Sign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.
But some have seen their wages go up more than others, making it easier for those who have received a raise to cope with the rising cost of living. Tombe said families with children have been particularly affected by inflation because a larger share of their budgets go toward food and fuel, two categories that have seen sharp increases in prices. According to his calculations based on October 2022, a family with children spent on average about $65 more per month than one without children.Article content
During the third quarter of 2022, for example, households in the bottom 20 per cent of income earners spent about $7,400 more than they earned. In the third quarter of 2021, that figure was $6,550.Article content
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