By The Numbers: Impacts of Rising Prices on Canadians
Toronto – August 10, 2022 – The latest infographic by Statistics Canada tells the story of rising prices across the country and its impact on Canadians. The data is clear that lowest income Canadians are struggling most with the nation’s unprecedented inflation.
Areas most affected by rising prices:
- Food – 43%
- Transportation – 32%
- Housing – 9%
- Household operations – 8%
- Recreation – 5%
- Education – 2%
Changes in spending habits:
- Sought sales and promotions – 50%
- Purchased cheaper alternatives, brands or items – 47%
- Delayed making a purchase – 45%
- Often or sometimes borrowed money to meet day-to-day expenses – 27%
- Delayed buying a home or moving to a new rental – 24%
- Had to draw on savings to pay for expenses – 24%
Those in the bottom three household income categories reported the most difficulty in meeting day-to-day expenses:
- Lowest income category – 85%
- Second lowest income category – 78%
- Third lowest income category – 77%
Meanwhile, 3 in 4 Canadians reported that rising prices are affecting their ability to meet day-to-day expenses, and 1 in 5 reported needing to access food banks and free meals if food prices continue to rise over the next six-months.