2022 inflation and interest rate hikes reduced purchasing power for most Canadians, particularly lower-income households.

A report from Canada's Parliamentary Budget Officer indicates that inflation and rising interest rates since 2022 have reduced the purchasing power of most Canadians, especially affecting lower-income households. In contrast, wealthier households have seen an increase in purchasing power due to government transfers, wage gains, and net investment income. The wealthiest 20% have outpaced inflation, while lower-income families struggle to afford basic necessities.

October 08, 2024
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