“This is well below our inflation forecast of around 6% for the year and falls farther short of economic fundamentals when incorporating expected productivity gains,” Lalonde wrote.Īnd this is bad news, especially for households struggling to make ends meet. That’s good, but it’s not going to be enough. “In 2022, we forecast that total compensation per hour worked will grow by 4%,” Lalonde stated. René Lalonde wrote a paper titled “Wages to Lag Inflation and Productivity Growth in 2022, Catch-up in 2023”, which gives a hint about what lies ahead. In August 1991, inflation went up six percent.Ī report Monday (March 28) by Scotiabank Economics provides an answer. That’s up from a 5.1 percent increase in January.Īs Statistics Canada reported on March 16, the 5.7 percent inflation rate was the “largest gain since August 1991”. In February 2022, Canadian consumer prices increased 5.7 percent year over year. Prices of goods and services like groceries and housing have gone up.
In case you haven’t noticed, your money buys you less nowadays.
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