Economists expect inflation will come in higher than central bank's 2% target. Forecasters anticipate this week’s consumer price index report to show inflation rose last month, signalling a reversal in progress after a year of steady declines in inflation.
The poll conducted between July 21 and 24 found that 52% of young adults are suffering from anxiety due to their borrowing costs. Of the 1,527 Canadians surveyed, 16% responded that they are even “worried sick” about their future financially.
A new report by the Canadian Association of Insolvency and Restructuring Professionals found consumer insolvencies jumped by 33 per cent year-over-year in January 2023, as many Canadians are unable to pay off their debts and find themselves more financially vulnerable than before.
Recent economic data in the U.S. are setting up the Federal Reserve to likely keep interest rates in the United States higher for longer, posing a dilemma for the Bank of Canada, a report from BMO Capital Markets says. Financial markets are pricing in at least three more quarter-point hikes from the U.S. central bank, which would take its terminal rate range to 5.25 per cent to 5.50 per cent.
From possible changes to your take-home income and minimum wage increases in several provinces, plus new inflation relief efforts, these new Canadian laws could make a big difference to what's in your wallet in 2023.
Inflation is arguably worst in the beginning, when prices are outpacing incomes, putting the bite on real purchasing power — the second-quarter gap between CPI inflation and the rate of hourly wage increases hit four per cent, meaning for now, households are poorer.
Higher interest rates encourage saving and discourage borrowing and, in turn, spending,” the Bank of Canada (BoC) explains on its website. “In response, companies increase their prices more slowly or even lower them to encourage demand.
Despite conceding that investing is still one of the most important topics they don't fully grasp, a recent survey reveals that many Canadians believe they have a sufficient degree of financial literacy.
Canadian small businesses are at greater risk of going under than federal bankruptcy data suggests, as rising operates costs complicate their efforts to recoup losses from the pandemic, a business lobby group said Thursday.
Despite efforts by the BoC to get in touch with the money’s rightful owners, such as setting up a searchable online registry via a new website to inform Canadians of these unclaimed balances, the total value and number of inactive accounts has exploded over the last decade. In fact, it has more than doubled since 2010, when it sat at $433 million.
From hopeful remarks of peaking price pressures to warnings of becoming too complacent, Bay Street economists are reacting to the July inflation readings, which clocked in at a relatively cooler pace of 7.6 per cent compared to 8.1 per cent in June, according to Statistics Canada.
Most economists had expected an already-hefty 75 basis point move. However, the jump to 2.5 per cent from 1.5 per cent is the largest single increase by the central bank since 1998 and the fourth hike this year. Yet the bank has made it clear it’s not done.
The Canadian dollar dropped to a low of 75.62 cents US in early trading Thursday, its lowest level since Nov. 4, 2020 and nearly one-a-half-cent drop from 77.07 cents US on Wednesday.
Canada’s consumer price index increased 7.7 per cent in May from a year earlier, the fastest since 1983, Statistics Canada reported on June 22. The release confirms that the Bank of Canada is staring down the most dangerous burst of inflation since it started targeting the consumer price index in the early 1990s.
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