A huge majority of Canadians are looking for ways to reduce spending as their worries about inflation increase, according to a new poll.
The results of a survey published by Leger last week suggest that 81% of Canadians believe inflation is a very or somewhat serious problem for their household. The survey goes on to say that the rising cost of groceries and gas is being felt the most.
According to the poll, the majority of Canadians think the cost of living will continue to go up. It also showed that 86% of respondents say they believe inflation will increase, while 84% expect gas prices to rise.
Furthermore, 86% of Canadians report they have reduced food waste to make their money go further, while 83% say they are buying less expensive items at the grocery store to cope with the rising cost of living.
The poll also suggests that 76% of Canadians are spending less on household items due to inflation and that 75% say they were eating less often at restaurants or limiting take out.
Canada’s inflation rate for February was at 5.7%, representing the highest the country has seen since Aug. 1991. Gas prices rose more than 32.3% compared to the previous year’s figures. Food prices across Canada are up more than 7.4%.
“If it feels like everything is getting more expensive, it’s because it is,” economist Royce Mendes with Montreal-based financial services firm Desjardins said.
Real estate costs are not counted in the federal government’s consumer price index, although the Canadian Real Estate Association reported the cost of owning a home in 2021 was 26% more expensive compared to 2020.
The poll was conducted from March 11 to 13, with 1,515 Canadians 18 years old or older recruited for an online panel. The margin of error is +/- 2.5%, 19 times out of 20.
An Ipsos poll from November indicated that inflation and the rising cost of living were a top priority for 78% of Canadians, who worried about being unable to provide for their families.
When it came to Canadian parents, 60% of those polled with children under 18 years old said they were concerned about not having enough money to feed their families.