Canada’s Inflation Rates Have Reached its Highest Since 1963, But How Are Canadians Coping With This?

Inflation is good if it’s kept within safe boundaries, but when it crosses those boundaries, citizens begin to feel financial pressure. Canada has been facing increasing inflation in the past months, and many have started to feel its adverse effects eventually.

“Poorer households may actually experience higher rates of inflation than wealthy households. For example, the lowest-income households in emerging and developing economies spend roughly 50 percent of their income on food. For the highest-income households, the amount is just 20 percent. The recent increase in food and energy prices could disproportionately impact the poorest households. “stated an article about global poverty and developing economies. 

This inflation problem isn’t just an increase in prices but a way more complicated one. In Manitoba, in particular, the new data from Statistics Canada have shown that “Manitoba had the second highest consumer inflation in the country” Manitoba’s inflation rate is currently at 9.4 percent. Considering that Manitoba has one of the lowest minimum wages in Canada, starting at $11.95. 

An interview with one of the citizens showed how many people are struggling “It’s really rocketed up, I mean it’s making it a lot more difficult to balance the budget..”. Food prices have been the toughest to manage in the meantime, especially for parents with large families. Sylvain Charlebois, Director of Agri-Food Analytics Lab at Dalhousie University, said, “Food prices will continue to rise, don’t get me wrong, but the pace at which prices are rising will slow down.”

Manitobans might be able to see the light at the end of the panel after a couple more months, according to the things said by Heather Stefanson, Premier of Manitoba, “To ensure that Manitobans have the resources that they need to be able to put food on the table for their kids, clothing on their back, and be able to drive them to community centres. Stay tuned, and we’ll have some interesting things to say coming forward, I believe.”

With this inflation crisis, Manitobans really need a solution, many people are worried, and many are struggling to keep up. Hopefully, the government of Manitoba will soon have some solutions to ease the burden put on the shoulders of Manitobans.

Sources:

• https://www.iheartradio.ca/virginradio/windsor/heather-stefanson-says-province-looking-at-inflation-relief-measures-1.18288549
• https://nethris.com/legislation/minimum-wage/
• https://www.brookings.edu/blog/future-development/2022/03/18/inflation-could-wreak-vengeance-on-the-worlds-poor/
• https://www.bankofcanada.ca/2020/08/understanding-inflation/

– Halla Alhamed, U Multicultural

Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of U Multicultural.

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