Technology

Rising inflation: why is it rising so fast?

In recent months, inflation has continued to rise, which is causing a lot of concern in households. This is understandable: Not only does everything cost more, but we also anticipate that the Bank of Canada will increase its key rate over the course of 2022.

To be successful, remember that inflation does not have the same impact on everyone. For example, if you drive a lot, the rising price of gasoline necessarily hurts your wallet. The same is true if you eat meat frequently (+ 10% compared to a year ago, and even + 14% for beef!).

To find out how inflation affects you based on your spending, use Statistics Canada’s Personal Inflation Rate Calculator. With this information in hand, you will be better equipped to adjust your budget accordingly.

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