this post was submitted on 01 Jul 2023
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Canada has one of the lowest inflation rates in the G7. Does the Bank of Canada really need to push rates higher? (www.thestar.com)
submitted 1 year ago by [email protected] to c/[email protected]
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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.

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[–] [email protected] 0 points 1 year ago (1 children)

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.

[–] [email protected] 1 points 1 year ago

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.