According to Angus Reid statistics, rising petrol prices have prompted people to reduce their expenditure.
People are spending less as inflation puts strain on Canadian budgets, according to a Monday report from market research firm Angus Reid Institute.
According to the survey, four out of five Canadians have reduced their discretionary spending in recent months. They may have done this by driving less, postponing a big purchase, cutting back on trips and charitable donations, or delaying savings for the future. According to reports, this is a rise from the 74% of responders in February.
52 percent of Americans claimed they would be unable to cover an unexpected expense of more than $1,000. A $5,000 unexpected bonus would be used by 2 in 5 Canadians to reduce their debt burden. One in ten would use it right away for living expenses.
According to the report, Saskatchewan and the Atlantic region "seem to be experiencing more financial pain than other regions of the country."
The Consumer Price Index in Canada reached 8.1% in June, marking a 40-year high for inflation. According to a Statistics Canada report released on August 16, the annual rate of inflation decreased to 7.6% in July.
Along with the deteriorating energy shortage brought on by low oil and gas supplies, which was made worse by sanctions on Russia, a significant energy exporter, inflation has been rising throughout the industrialized world.
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