Inflation has eroded purchasing power for many Canadians, but the experience with rapidly rising prices has been far from uniform.
Inflation has eroded purchasing power for many Canadians, but the experience with rapidly rising prices has been far from uniform.
But even as inflation slows, food prices in particular have been a pain point for many Canadians. In December, grocery prices were 11 per cent higher than they were a year ago. Wages are rising but have not kept up with the rate of inflation. In December, average hourly wages were up 5.1 per cent compared with a year ago.
Workers can't always negotiate their pay to reflect the rise in the cost of living. Unionized workers, for example, negotiate contracts on fixed schedules. 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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