OTTAWA — 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.
OTTAWA — 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.Parliamentary Budget Officer Yves Giroux says government transfers, wage gains and net investment income have helped disposable income for higher-income households rise above inflation since 2019.
The report says the investment income of the wealthiest 20 per cent of households grew faster than their interest payments, leading to a net increase over inflation and boosting their purchasing power in 2023. For other households, interest payment increases on average were higher than their investment income last year.
As a result, households in the third and fourth quintiles saw their purchasing power stagnate, while the lowest-income households saw their power deteriorate.
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