Current inflation is killing off the Canadian middle class
This week, new figures from Statistics Canada show annual inflation hit 2.4 per cent. That’s up from 2.3 per cent last month, the ninth month in a row of a rising inflation rate. And while the things you buy are more than two per cent dearer (three per cent if you live in Ontario) than they were a year ago, wages have not been keeping pace.
Over the same period, StatsCan data shows that Canadian wages rose only 1.9 per cent. In Ontario, where prices were up three per cent, wages rose a mere 0.7 per cent. That means if you live in Ontario and spend what you earn, you are effectively 2.3 per cent poorer than you were only one year ago.