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.
Here's a look at how high inflation is right now, who's feeling the pinch, and when Canadians can expect inflation to come down.After reaching 8.1 per cent in the summer, Canada's annual inflation rate has slowed noticeably in recent months. In December, the annual inflation rate was 6.3 per cent.
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.
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.
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