Most Canadians believe grocery stores taking advantage of inflation to boost profits: survey
Statistics Canada may be reporting cooling inflation rates but the summer of price increases continues to simmer. The level of month-to-month price increases was the lowest so far this year. However, prices have risen by 7.6% since July 2021, meaning there is much work for the Bank...
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Statistics Canada may be reporting cooling inflation rates but the summer of price increases continues to simmer.
The level of month-to-month price increases was the lowest so far this year. However, prices have risen by 7.6% since July 2021, meaning there is much work for the Bank of Canada left to do to return the country to its target rate of two per cent, according to a press release from the Angus Reid Institute.
Four out of five Canadians surveyed in the institute's latest poll say they have cut spending in recent months by either trimming their discretionary budget, delaying a major purchase, driving less, scaling back travel and charitable donations, or deferring saving for the future. This represents an increase from the three-quarters (74%) who said so in February.
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Nearly four out of five Canadians reported grocery stores are taking advantage of inflation to make increased profits. Fewer than one-in-ten (7%) believe instead the increased margins are due to good management by grocery chains.
Half (52%) of those surveyed say they couldn’t manage a sudden expense of more than $1,000. For two-in-five (38%), a surprise bonus of $5,000 would be used to alleviate the pressure of debt. For one-in-ten, it would immediately be put towards daily expenses.
Regionally, some parts of the country seem to be feeling more financial pain than others. Those in Saskatchewan (58%) and Atlantic Canada (50%) are much more likely than those in other parts of the country to use a sudden gift of $5,000 towards paying off debt. As well, people in those provinces – and Alberta – are more likely than others elsewhere to say they have been cutting back spending in recent months.
More than half (56%) of Canadians say they can’t keep up with the cost of living, while two-in-five (39%) feel they are keeping pace.
The survey results were collected through an online survey from Aug. 8-10, among a representative randomized sample of 2,279 Canadian adults who are members of Angus Reid Forum, according to the institute.
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