Canadians cut spending pressured by inflation

More than half of Canadians now feel unable to keep up with the cost of living, while 80 percent are cutting back on spending after rising prices in areas such as food.

In a survey by the Angus Reid Institute, three-quarters of those interviewed said they were stressed about money, in a country where inflation stood at 7.6 percent in July, a slight drop from previous months.

They agree that supermarket chains are taking advantage of the situation to increase their profits, according to the investigation, quoted on the CBC News channel.

Four out of five respondents admitted to having reduced some type of spending in recent months.

Meanwhile, more than 40 percent delayed a major purchase, 32 percent canceled or cut their travel plans, and others chose to contract their donations to charities to adjust budgets.

Also, 19 percent said they defer contributions to their tax-free savings accounts and retirement fund plans.

When asked about a hypothetical scenario in which they had a surprise expense of at least a thousand dollars, half of the participants said they could not afford it, while 13 people out of 100 concluded that any unexpected bill would be “too much.”

The polling company virtually surveyed 2,279 adult members of the Angus Reid Forum, between the 8th and 10th of this month.

While inflation declined in Canada from June indicators, when it hit 8.1 percent (its highest level since 1983), food prices rose 10 percent compared to 12 years ago. months.

Fresh vegetables are sold 10.2 percent more expensive than a year ago, fish 11.7 percent and edible oils 30 percent, according to the media.

A survey by the company Mainstreet Research pointed out that almost one in four Canadians said they eat less than they should because of economic problems.

Likewise, another survey warned that one in five expects to use food banks or community kitchens in the next six months.

Finance Minister Chrystia Freeland admitted that “many Canadians are finding it increasingly difficult to pay their bills at the end of the month,” but emphasized that this is a global phenomenon.