26.1 C
Thursday, September 29, 2022

Hurricane Ian Swamps Southwest Florida

https://ift.tt/l8jmLQ5 Ian, one of the most powerful...

Biden Convenes First White House Hunger Conference in Decades

https://ift.tt/SZsje10 in 10 US households is food...

Biden Convenes First White House Hunger Conference in Decades 

https://ift.tt/rJ6wkP1. President Joe Biden on Wednesday set...

Four in five Canadians pinching pennies – report

Soaring gas prices have forced people to cut spending, Angus Reid data shows

As inflation piles pressure on Canadian budgets, people are spending less, market researcher Angus Reid Institute reported on Monday.

The survey shows that four out of five Canadians have cut spending in recent months by either trimming their discretionary budget, delaying a major purchase, driving less, scaling back travel and charitable donations, or deferring savings for the future. This reportedly represents an increase from 74% of respondents in February.

Over half of the nation (52%) said they could not manage a sudden expense of more than $1,000. For two in five Canadians, a surprise bonus of $5,000 would be used to alleviate debt pressure. For one in ten, it would immediately go towards daily expenses.

“Regionally, some parts of the country seem to be feeling more financial pain than others,” the report stated, pointing to Saskatchewan and the Atlantic area.

READ MORE: Inflation in Canada highest in decades

Canada’s year-on-year inflation hit a 40-year high in June, with the Consumer Price Index reaching 8.1%. The annual rate of inflation cooled down to 7.6% in July, according to a Statistics Canada report issued on August 16.

Inflation has been rising across the developed world amid the worsening energy crunch caused by tight supplies of oil and gas, a situation exacerbated by the sanctions on Russia, a major energy exporter.

For more stories on economy & finance visit RT’s business section

https://ift.tt/H1Y3yrI 25, 2022 at 12:13PM
from RT – Daily news

Support Us

Secured by Paypal

Related Stories

Check out other tags:

Most Popular Articles