Why inflation may be 'starting to bite' in Saskatchewan
The Saskatoon Food Bank & Learning Centre says rising prices already have more people looking to access food.
“We're seeing an increase by several, several 100 people a month,” said director of operations & engagement Deborah Hamp. “As we're looking ahead and looking at the rising costs, looking at inflation, looking at shortages in grocery stores of inventory, the challenges that people are up against, definitely it's cause for concern.”
Hamp says people are less likely to donate food when prices are rising, but are still asking for donations.
“Definitely calling on on folks to consider donating food to the food bank, consider donating funds to help us get through what could be a very taxing time ahead.”
University of Regina associate professor of economics Jason Childs says over the next 12 months, Canada could see inflation increase by one per cent, driven in part by a supply and demand issue due to the pandemic.
“The other thing that happened is we printed an amazing amount of money,” he said. “We have radically increased the money supply in a way that is completely outside modern experience.”
“We created money to fund a lot of these government programs that were introduced during the pandemic. That was done not with borrowed money in the more traditional sense, but money borrowed, printed, from the Bank of Canada. And when you do that, you're going to introduce more dollars chasing a smaller number of goods.”
Childs says that from December 2020 to December 2021, the price of groceries climbed by about five and a half per cent.
“So if you're spending $100 at the grocery store, you're now spending $105, $105.50, every time,” he said. “So it's not a huge squeeze right now, but it's starting to hurt, and it's starting to bite.”
Childs says interest rates could increase as well, which would affect people’s abilities to spend.
“After you service your debt, after you paid your mortgage, after you paid your car loan or whatever, that means there's less dollars floating around,” he said.
“To pay for beer or pizza or whatever other goods, so the demand for those other goods isn't growing as much or isn't as large, so the pressure falls off and the prices don't rise as quick.”
Owner of Brightrock Financial Janea Dieno says when life gets more expensive, it’s important not to make panic decisions.
"'Well maybe I should stop investing or take money out of my investments,’ and that's probably the worst decision,” she said.
Next, Dieno says people should make a budget, splitting expenses into four categories; housing, transportation, financial obligations, and lifestyle.
“The first three categories housing, transportation and financial obligations — those should be automated expenses,” she said. “Everything from paying your mortgage, your rent, to utilities to property taxes to health insurance to even fueling up your vehicle, or paying for a transit pass, to paying for daycare if you have kids.”
The rest she says can fit into a weekly plan.
“Anything you spend on groceries, eating out, extras, clothing, entertainment, that should all be done on a weekly budget plan in that you should have in place.”
Dieno says to be fiscally responsible, people should also focus on the things they can control, like streaming services and the weekly food bill and menus.
“Setting yourself up where you're only going to the grocery store once per week, and really kind of sticking to a budget and then even going further than that and doing meal and menu prepping so that you really are not going to be overbuying on anything extra,” she said.
You can also look at selling things for extra cash, she says.
“For a lot of us, especially in these nice Canadian winters, we like to hoard things. But there's a lot of online marketplaces where you can sell stuff for second-hand and maybe make a little bit of extra pocket money that way,” she said.
CTVNews.ca Top Stories
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
Mountain guide dies after falling into a crevasse in Banff National Park
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
Here's why provinces aren't following Saskatchewan's lead on the carbon tax home heating fight
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.
Montreal actress calls Weinstein ruling 'discouraging' but not surprising
A Montreal actress, who has previously detailed incidents she had with disgraced Hollywood producer Harvey Weinstein, says a New York Court of Appeals decision overturning his 2020 rape conviction is 'discouraging' but not surprising.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Caleb Williams, Jayden Daniels and Drake Maye make it four NFL drafts with quarterbacks going 1-3
Caleb Williams is heading to the Windy City, aiming to become the franchise quarterback Chicago has sought for decades.
Improve balance and build core strength with this exercise
When it comes to cardiovascular fitness, you may tend to focus on activities that move you forward, such as walking, running and cycling.