Recession talk could rein in consumer spending in Alberta yyc
The province continues to be buoyed by a surging oil sector, but as gross domestic product gains are slowing overall, the question is whether it will begin to shrink, as is predicted in other parts of the country.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.
Alberta has a long-standing consumer debt problem, and it only got worse over the pandemic. Instead of saving, many overspent on ordering delivered meals or online retail therapy. It was not just young adults doing so, although they generally have less of an established financial base to begin with. “It is like this death by a thousand cuts,” she said. “It’s this constant layering effect and unfortunately inflation is still high, even though the Bank of Canada has increased interest.”
Gas in Calgary has shot up 32.1 cents per litre over the last month, according to GasBuddy.com, to more than $1.70 per litre. Groceries continue to increase and interest rates are expected to be hiked up again before the end of the year.Article content“It is quite common for people to very boldly predict either a recession or not,” said Trevor Tombe, an economics professor at the University of Calgary.
He said it usually takes 18 to 24 months for these increases to get inflation under control across most sectors.
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