With Canada’s inflation rate reaching a staggering high at an overall rate of 8.1% in July, gas prices up 48% year over year, and grocery bills seeing an annual increase of 9.7%, many Canadians are feeling the squeeze on their household budgets. That’s why Coast Capital — Canada’s largest financial cooperative by membership and B.C.’s first federal credit union — is here to answer the questions keeping you up at night and provide the real advice you need to ensure you’re able to continue planning for the future while “recession proofing” your finances.
The Bank of Canada has already raised the interest rate four times this year, with the potential for additional increases to come. How do these rate hikes affect inflation and will it really improve affordability?
Some inflation is always expected. But while the Bank of Canada aims to keep it around two per cent…
