Inflation is cooling. But polling shows financial stress is still heating up
Global News
New polling shows that 44 per cent of Canadians identified money problem as their biggest stressor, despite recent slowdowns in inflation. Here's how to take back control.
Canadian households have gotten good news on the cost-of-living front so far in 2024, with monthly inflation figures showing prices are rising below three per cent annually for the first four months of the year.
Despite significant progress in the Bank of Canada’s efforts to bring annual inflation down to its two per cent target from the highs of 8.1 per cent nearly two years ago, a new survey released Thursday shows that Canadians are feeling more financial stress since that time.
FP Canada, an organization representing Canadian financial professionals, released its 2024 Financial Stress Index based on the findings of a Leger survey conducted in late February and early March.
Some 44 per cent of respondents said money is their leading source of stress, rising six percentage points from similar polling two years ago. Asked what was fuelling this anxiety, Candians point to higher grocery prices (up 69 per cent), inflation broadly (60 per cent) and housing costs (52 per cent.)
Ipsos polling conducted exclusively for Global News in April backs up the acute pinch consumers are feeling at the grocery store. Some 83 per cent of respondents to that poll said their weekly grocery bill has gone up over the past six months, by an average of $78.90.
Statistics Canada’s April inflation report released Tuesday showed further cooling in price pressures, with the overall annual inflation figure easing to 2.7 per cent from 2.9 per cent in March.
Slowing inflation at the grocery store in particular drove down the headline figure, with prices rising just 1.4 per cent annually across the aisles. Some categories, including fruits, nuts and seafood, even saw prices drop year to year.
But despite that recent easing, StatCan noted that grocery prices are up 21.4 per cent since April 2021. And rents are continuing to rise at a pace of 8.2 per cent year over year.
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