5/1/2023 0 Comments Inflation 7 years from now"Inflation is likely to remain above the Bank of Canada's target range until 2023, crimping consumer purchasing power and driving interest rates higher.Publications related to Inflation and price indices Statistical bulletins "Price pressures across other areas of the economy are showing more heat both for goods and services," she said. As TD Bank economist Leslie Preston noted, the main factor there wasn't pump prices it was the easing of COVID-related health restrictions pushing up demand for close-contact services like restaurant dining and other in-person events. The overall price for services has increased by 4.3 per cent in the past year, up from 3.8 in February. While the cost of anything that needs to be transported is going up, the service sector isn't immune to the current inflationary pressure. a few dollars here and there, it's what you can do." Services getting more expensive, too "For me personally, I cook a lot more at home." Karen Peck from Toronto says she's being choosier at the grocery store lately. "It's tough for everybody right now," she said. "Families are doing a lot of financial acrobatics," she said, "so in this environment, you have to think outside the box." She says many of her clients have started using various apps that help consumers save money while eating well by offering deep discounts on food that's about to reach its best-before date. WATCH | Personal finance expert explains the impact of high inflation:ĭuration 11:22 Zainab Williams of Elleverity Wealth Management answers viewer questions about how to deal with the rising prices of food, gasoline and other essentials. "You need to have a strategy to see what you can create with what you have in your pantry before replenishing." "Meal prepping is your go-to friend right now," she told CBC News in an interview. But Zainab Williams, a financial planner with Elleverity Wealth Management in Caledon, Ont., says there are ways. Grocery billsįood prices in particular tend to raise the ire of consumers, since it is hard to avoid or lessen the impact of rising prices on something that is such a necessity. "From the merchandise costs to freight, it's astronomical," he said. One of his biggest suppliers of bedroom sets just raised their price for the actual merchandise by 15 per cent overnight. A container from Asia that used to cost him $4,000 US will likely cost him $20,000 US today.Īnd that's just the shipping costs. (Darryl Dyck/Canadian Press)Ī lot of what Salgueiro sells is imported, and the price of those goods has skyrocketed in the pandemic. Higher gasoline prices have caused the price of freight for merchandise to skyrocket, which gets added to the price that consumers pay in store. Although they have since come down a little, at one point last month numerous Canadian cities saw their average price for a litre of gasoline hit $2 for the first time ever. Gasoline prices rocketed higher in March mostly due to Russia's invasion of Ukraine throwing global supplies into chaos. A big reason for that increase is the 39.8 per cent rise in gasoline costs since March of last year. While the cost of just about everything is going up fast, transportation costs are leading the way, up 11.2 per cent in the past year. In the U.S., the inflation rate hit a 40-year high of 8.5 per cent last month. PRICED OUT Inflation puts added strain on families supporting aging loved onesĪfter years of relative stability, inflation has been on an up and down ride during the pandemic, with rates plunging in 2020 when the uncertainty of COVID-19 began, before roaring back in 2021 and beyond due to supply and demand imbalances, and record-low interest rates.Ĭanada is not the only country grappling with high inflation.
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