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Posted on October 3, 2022
Is Canada headed for a recession?
Sticker shock at the pumps and the grocery store is the number one concern of Canadians according to Ipsos Research, with 8 in 10 worried that a recession is in the financial horizon. Anyone who has had to fill up or pick up staples at the store has seen their buying power reduced.
The latest inflation numbers peg the cost of living at 7% for August, which is down marginally from the previous month. The Bank of Canada has been aggressive in hitting the brakes on an overheated economy, hiking the prime rate in dramatic fashion which has seen a somewhat cooling off of our scorching housing market.
Economists do expect inflation to remain above 6 percent through the end of the year. Fuel prices and shelter have seen a bit of a dip but grocery prices remain at their highest level since the Empire Strikes Back hit the big screen in 1981.
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I voted: YesPlease find a way to get the Liberal party out of government before we are plunged into a deep and long recession. Also Mr. Moore, please stop your Conservative party from referring to inflation as "just inflation". This inflation that we are experiencing in Canada has been caused mainly by the Liberal government although there are a few things that are not in their control. Therefore I ask that it not be called "just inflation" and call it exactly what it is, "unjust inflation".
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