With the holidays approaching, financial expert Robyn Thompson advises that now is the time to use old gift cards as rising inflation affects their purchasing power.
the annual inflation rate had dropped slightly to 6.9 per cent, from 7.0 per cent in August. This can be attributed to the slow pace of gas prices which fell 7.4 per cent in September from August. Grocery prices rose 11.4 per cent compared with a year ago.And that’s not the only reason to move fast, she says, noting that some gift cards have fees attached, which can decrease the value even further.
Going into the holiday season, Canadians are expected to spend, Thompson predicts, but less than in previous years.
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