Some fear Bank of Canada Gov. Tiff Macklem is poised to raise rates again in July in a bid to drive inflation down to its target. ‘It’s two per cent or bust,’ says one economist.
Some fear Bank of Canada Gov. Tiff Macklem is poised to raise rates again in July in a bid to drive inflation down to its target. ‘It’s two per cent or bust,’ says one economist.
Food only makes up roughly 10% of a median household’s income ($68k, 2.9 people). Even if food inflation is running at 10%, it’s not a huge factor in affordability.
That median household income doesn’t go very far these days. It’s only manageable for many because they get support from family/friends or have a big chunk of unreported income that doesn’t meet the statistics. I’m looking at changing careers and the idea of our household income dropping to only a little above that median is scary as hell. An increase of 10% of 10% of one’s budget doesn’t sound crazy on its own, but when lots of other costs are going up too good might be one of the highest $ value changes compared to things like fuel or individual utility costs.