Fri Feb 24, 2023 – 8:26 pm EST
OTTAWA (LifeSiteNews) – Middle-class Canadians, which is largely made up of young and older families with children, are being hit the hardest by the rapid spread of inflation, with no end in sight to rising costs.
The situation is so dire even government statistics cannot hide the fact that costs are out of control.
According to Statistics Canada data posted Wednesday, low- and middle-income households have “seen large reductions in their net savings while younger households have become more leveraged.”
Data from a report titled Research To Insights: Consumer Price Inflation, Recent Trends And Analysis, showed inflation is so bad in Canada that most workers have seen their “purchasing power decline” rapidly.
“Wages and earnings have not kept pace with price pressures, especially those related to food and shelter,” the report noted.
“Most workers have seen their purchasing power decline as inflationary pressures ramp up.”
While peoples’ earnings rose about 4.2 percent from last year, costs for basic goods shot up by large percentages.
For example, the cost of owning a car shot up 13.4 percent, and food prices overall have gone up a staggering 14.8 percent. More
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