Hot inflation, rising interest rates making themselves felt calgary yyc
Demand has surged 33% at the Ottawa Food Bank from pre-COVID-19 pandemic levels, with visits up as spiraling grocery, gas and rent prices, along with fast-rising borrowing costs, leave more Canadians struggling to make ends meet.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
At the same time, the Bank of Canada has hiked interest rates by 350-basis points in just seven months, one of its sharpest tightening campaigns ever, to try to force inflation back to its 2% target. In a television interview after the decision, BoC Governor Tiff Macklem said restoring price stability was not easy, but rampant inflation would be worse.Article content
Now he is already seeing signs that hot inflation and recession worries have consumers focused on essentials rather than luxury appliances, which is adding up to fewer large orders even as the holiday shopping season approaches.Article content