Runaway inflation and lack of trust in the Bank of Canada mean a majority of Canadians are reluctant to make major purchases, a new Angus Reid Institute poll finds.
June’s inflation rate was at 8 percent—the highest since January 1983.
The online survey of 1,606  adults, conducted between July 18 and 20, found that 75 percent of Canadians think it’s not a good time to make major purchases, such as buying a home or car, doing home renovations, or taking big vacations. This is an increase from 56 percent in July 2020.
As inflation pushes up the price of essentials such as groceries and gas, 28 percent of Canadians describe their financial situation as bad or terrible, the survey showed, noting that this demographic is “barely keeping their head above water or worse when it comes to their finances.”…