Experts are wary. But there’s still reason to be optimistic — and things you can do to reduce your household’s inflation.
. The high price of oil — thanks in large part to the war in Ukraine — can’t be fixed by increasing interest rates.“This is exactly how the central bank needs to respond,” says Orlando.
“I think that there’s a big mistake among the general public that when they hear the headline news ‘Bank of Canada aggressively increases interest rates,’ they assume that in two weeks from now, we should hear that inflation is back to where it was,” says Lander.Article content Orlando’s timeline is similar, as he anticipates that by the end of the year some of the demand driving up inflation should start to wane. For now, while consumers have few other choices than riding this out, he would remind them that the situation could be much worse.
Additionally, unemployment is incredibly low — 5.2 per cent in April, according to Statistics Canada — and consumers are holding onto a record amount of savings from the last few years. Withincreasing, that leaves a lot of people well-positioned to weather the storm.
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