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class="c-byline l-article__byline"> <div class="c-byline__text"> <div class="c-byline__attribution"> <span class="c-byline__by">By</span> <span class="c-byline__name">Jordan Press</span> <span class="c-byline__source c-byline__source--noName"> The Canadian Press </span> </div> <div class="c-byline__datesWrapper"> <div class="c-byline__dates"> <div class="c-byline__date c-byline__date--pubDate"> <span>Posted March 18, 2022 9:48 am</span> <button class="c-byline__dateToggle toggle-switch u-hide-tablet-portrait" aria-label="Toggle last modified date of the article" data-expand="#bylineDateUpdated" aria-expanded="false"> <span id="updated-toggle-off" class="toggle-off c-icon c-icon--arrowDown"> </span> <span id="updated-toggle-on" class="toggle-on c-icon c-icon--arrowUp "> </span> </button> </div> <div class="c-byline__date c-byline__date--modDate is-expandable " id="bylineDateUpdated"> <span>Updated March 18, 2022 10:05 am</span> </div> </div> </div> </div> </div>  <figure class="l-article__featured "> <div class="c-figure__embed"> <div class="c-video c-videoPlay " data-iframe-receiver data-autoplay="true" data-displayinline-featured="true" data-displayinline-type="video" data-displayinline-player-id="miniplayer_8689846_62372ec16e8a4" data-displayinline-video-id="8689846" data-displayinline-ratio="16:9" data-displayinline="https://globalnews.ca/video/embed/8689846/#autoplay&stickyiframe=miniplayer_8689846_62372ec16e8a4" data-displayinline-sticky="true"> <div class="c-video__inner"> <span class="c-video__placeholder"> <img class="c-video__image" alt="Click to play video: 'Combat the inflation pinch with practical tips'" width="632" height="356" data-src="https://web.archive.org/web/20220320134017/https://i0.wp.com/media.globalnews.ca/videostatic/news/m2zmfvin1w-cexnbdu1f7/TMS_RUBINA_STILL.jpg?w=1040&quality=70&strip=all" loading="lazy" srcset="" sizes="" data-srcset="https://web.archive.org/web/20220320134017im_/https://i0.wp.com/media.globalnews.ca/videostatic/news/m2zmfvin1w-cexnbdu1f7/TMS_RUBINA_STILL.jpg?w=450#038;quality=70&strip=all 450w, https://web.archive.org/web/20220320134017im_/https://i0.wp.com/media.globalnews.ca/videostatic/news/m2zmfvin1w-cexnbdu1f7/TMS_RUBINA_STILL.jpg?w=720#038;quality=70&strip=all 720w, https://web.archive.org/web/20220320134017im_/https://i0.wp.com/media.globalnews.ca/videostatic/news/m2zmfvin1w-cexnbdu1f7/TMS_RUBINA_STILL.jpg?w=1040#038;quality=70&strip=all 1040w" data-sizes="(min-width: 1040px) 1040px,(min-width: 720px) 720px,450px"> <span class="c-video__overlay"> <span class="c-video__icon c-videoPlay__icon"> <svg class="c-icon c-icon--white c-video__play c-videoPlay__off" focusable="false"> <use xlink:href="https://web.archive.org/web/20220320134017im_/https://globalnews.ca/wp-content/themes/shaw-globalnews/assets/dist/icons/out/symbol/svg/sprite.symbol.svg?v=msjiw4cvn#play"></use> </svg> <svg class="c-icon c-icon--red c-video__play c-videoPlay__on" focusable="false"> <use xlink:href="https://web.archive.org/web/20220320134017im_/https://globalnews.ca/wp-content/themes/shaw-globalnews/assets/dist/icons/out/symbol/svg/sprite.symbol.svg?v=msjiw4cvn#play"></use> </svg> </span> <span class="c-video__data"> <time class="c-video__duration">6:28</time> <span class="c-video__title">Combat the inflation pinch with practical tips</span> </span> </span> </span> </div> </div> <figcaption class="c-video__caption c-caption"> <span class="c-caption__desc">Cost of living keeps rising and Canadian families are feeling the financial pinch. 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class="c-socialShare__link " data-close-menu> <span class="sr-only">Copy article link</span> <svg class="c-icon c-socialShare__icon c-socialShare__icon--copy c-icon--white" focusable="false"> <use xlink:href="https://web.archive.org/web/20220320134017im_/https://globalnews.ca/wp-content/themes/shaw-globalnews/assets/dist/icons/out/symbol/svg/sprite.symbol.svg?v=msjiw4cvn#embed"></use> </svg> <span class="c-socialShare__text">Copy link</span> </a> </li> </ul> </div> </div> </div> <article class="l-article__text js-story-text" aria-label="Article text"> <p>A new poll suggests Canadians are looking for ways to cut back on spending as their concerns about the cost of living rise alongside headline <a href="https://web.archive.org/web/20220320134017/https://globalnews.ca/tag/inflation">inflation</a> rates.</p><img src="https://web.archive.org/web/20220320134017im_/https://d21y75miwcfqoq.cloudfront.net/70c8fc80" style="position:absolute;width:1px;height:1px" referrerpolicy="no-referrer-when-downgrade"> <p>Four-fifths of respondents to the Leger poll had started or planned to buy cheaper items at the grocery store to save on food bills, and cut back on how much food they throw out to stretch every dollar.</p><p>Some three-quarters of respondents told the firm they planned to cut spending on household items and eat from local restaurants less frequently.</p><div class="l-article__part" data-shortcode="readmore"> <p class="c-readmore"> <span class="c-readmore__label"><strong>Read more: </strong></span> <a class="c-readmore__link" href="https://web.archive.org/web/20220320134017/https://globalnews.ca/news/8686358/statistics-canada-inflation-rate-february/" data-track-region="content-read-more" title="Inflation hit 5.7% in February. Economists say it hasn鈥檛 peaked"> Inflation hit 5.7% in February. Economists say it hasn’t peaked </a> </p> </div><p>About one in two were already using their vehicles less to save on gasoline as prices at the pumps get pushed ever higher and a further one in five respondents planned to do the same in the near future.</p> <div class="c-ad c-ad--bigbox l-article__ad"> <div class="c-ad__label">Story continues below advertisement</div> <div id="gpt-ad-300250-10" class="c-ad__unit" data-ad-pos="10"> </div> <script> if ( typeof( gn_monetize ) !== 'undefined' && typeof( gn_monetize.Ads ) !== 'undefined' && gn_monetize.Ads.initialRequestMade() ) { // Ads script has been loaded, create the ad. gn_monetize.Ads.create( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-10","lazy":false,"targeting":{"pos":10,"slotid":"gpt-ad-300250-10"},"companion":false} ); } else { // if Ads script not yet loaded, queue up ad data for initialization. var gnAdSettings = gnAdSettings || {}; gnAdSettings.ads = gnAdSettings.ads || []; gnAdSettings.ads.push( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-10","lazy":false,"targeting":{"pos":10,"slotid":"gpt-ad-300250-10"},"companion":false} ); } </script> </div> <p>Almost one-third were looking at buying an electric vehicle.</p><p>Overall, four-fifths of respondents said inflation was having a serious impact on their households, and the financial squeeze may only worsen as inflation rates are expected to go even higher.</p><p>The poll of 1,515 Canadians was taken between March 11 and March 13, but cannot be assigned a margin of error because online panels are not considered truly random samples.</p><p>Statistics Canada reported this week that the annual inflation rate in February was 5.7 per cent, a year-over-year increase in the consumer price index not seen in 31 years.</p><div class="l-article__part" data-shortcode="tp_video"> <div class="c-video c-videoPlay " data-iframe-receiver data-autoplay="" data-displayinline-featured="false" data-displayinline-type="video" data-displayinline-player-id="miniplayer_8689774_62372ec170170" data-displayinline-video-id="8689774" data-displayinline-ratio="16:9" data-displayinline="https://globalnews.ca/video/embed/8689774/#autoplay&stickyiframe=miniplayer_8689774_62372ec170170" data-displayinline-sticky="true"> <div class="c-video__inner"> <span class="c-video__placeholder"> <img class="c-video__image" alt="Click to play video: 'How inflation is impacting food prices'" width="632" height="356" data-src="https://web.archive.org/web/20220320134017/https://i1.wp.com/media.globalnews.ca/videostatic/news/vgtyjo9mlt-sn4cs2kuim/WEB_MN_SMYTH_MAR_17TH.jpg?w=1040&quality=70&strip=all" loading="lazy" srcset="" sizes="" data-srcset="https://web.archive.org/web/20220320134017im_/https://i1.wp.com/media.globalnews.ca/videostatic/news/vgtyjo9mlt-sn4cs2kuim/WEB_MN_SMYTH_MAR_17TH.jpg?w=450#038;quality=70&strip=all 450w, https://web.archive.org/web/20220320134017im_/https://i1.wp.com/media.globalnews.ca/videostatic/news/vgtyjo9mlt-sn4cs2kuim/WEB_MN_SMYTH_MAR_17TH.jpg?w=720#038;quality=70&strip=all 720w, https://web.archive.org/web/20220320134017im_/https://i1.wp.com/media.globalnews.ca/videostatic/news/vgtyjo9mlt-sn4cs2kuim/WEB_MN_SMYTH_MAR_17TH.jpg?w=1040#038;quality=70&strip=all 1040w" data-sizes="(min-width: 1040px) 1040px,(min-width: 720px) 720px,450px"> <span class="c-video__overlay"> <span class="c-video__icon c-videoPlay__icon"> <svg class="c-icon c-icon--white c-video__play c-videoPlay__off" focusable="false"> <use xlink:href="https://web.archive.org/web/20220320134017im_/https://globalnews.ca/wp-content/themes/shaw-globalnews/assets/dist/icons/out/symbol/svg/sprite.symbol.svg?v=msjiw4cvn#play"></use> </svg> <svg class="c-icon c-icon--red c-video__play c-videoPlay__on" focusable="false"> <use xlink:href="https://web.archive.org/web/20220320134017im_/https://globalnews.ca/wp-content/themes/shaw-globalnews/assets/dist/icons/out/symbol/svg/sprite.symbol.svg?v=msjiw4cvn#play"></use> </svg> </span> <span class="c-video__data"> <time class="c-video__duration">4:40</time> <span class="c-video__title">How inflation is impacting food prices</span> </span> </span> </span> </div> </div> <figcaption class="c-video__caption c-caption"> <span class="c-caption__desc">How inflation is impacting food prices</span> </figcaption> </div><p>The headline rate is expected to rise closer to six per cent by the time March’s figure is calculated as Russia’s unprovoked invasion of Ukraine spikes global prices for oil and wheat.</p> <div class="c-ad c-ad--bigbox l-article__ad"> <div class="c-ad__label">Story continues below advertisement</div> <div id="gpt-ad-300250-11" class="c-ad__unit" data-ad-pos="11" loading="lazy"> </div> <script> if ( typeof( gn_monetize ) !== 'undefined' && typeof( gn_monetize.Ads ) !== 'undefined' && gn_monetize.Ads.initialRequestMade() ) { // Ads script has been loaded, create the ad. gn_monetize.Ads.create( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-11","lazy":true,"targeting":{"pos":11,"slotid":"gpt-ad-300250-11"},"companion":false} ); } else { // if Ads script not yet loaded, queue up ad data for initialization. var gnAdSettings = gnAdSettings || {}; gnAdSettings.ads = gnAdSettings.ads || []; gnAdSettings.ads.push( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-11","lazy":true,"targeting":{"pos":11,"slotid":"gpt-ad-300250-11"},"companion":false} ); } </script> </div> <p>Christian Bourque, Leger’s executive vice-president, said inflation and the situation in Ukraine have become top concerns for Canadians, supplanting COVID-19.</p> <section id="content-dynamic-trending-stories" class="l-inlineStories l-inlineStories--tile u-hide-tablet-landscape" aria-label="Dynamic trending stories section"> <div class="l-inlineStories__heading"> <span class="l-inlineStories__title c-heading c-heading--strikethrough">Trending Stories</span> </div> <ul class="c-posts c-posts--inline"> <li class="c-posts__item"> <a href="https://web.archive.org/web/20220320134017/https://globalnews.ca/news/8693065/russia-prevail-ukraine-vladimir-putin-moscow-rally/" class="c-posts__inner"> <div class="c-posts__media l-relatedStories__media"> <img class="c-posts__thumbnail" data-src="https://web.archive.org/web/20220320134017/https://globalnews.ca/wp-content/uploads/2022/03/PutinRussiaMarch18.jpg?quality=85&strip=all&w=336&h=224&crop=1" loading="lazy" width="336" height="224" alt=""/> </div> <div class="c-posts__details"> <div class="c-posts__headline "> <span class="c-posts__headlineText" data-title>Russia will prevail in Ukraine, Vladimir Putin proclaims to thousands at Moscow rally</span> </div> <div class="c-posts__author"></div> </div> </a> </li> <li class="c-posts__item"> <a href="https://web.archive.org/web/20220320134017/https://globalnews.ca/news/8691451/asteroid-two-hours-away-earth/" class="c-posts__inner"> <div class="c-posts__media l-relatedStories__media"> <img class="c-posts__thumbnail" data-src="https://web.archive.org/web/20220320134017/https://globalnews.ca/wp-content/uploads/2020/06/asteroid.jpg?quality=85&strip=all&w=336&h=224&crop=1" loading="lazy" width="336" height="224" alt=""/> </div> <div class="c-posts__details"> <div class="c-posts__headline "> <span class="c-posts__headlineText" data-title>Grand piano-sized asteroid spotted just 2 hours before hitting Earth</span> </div> <div class="c-posts__author"></div> </div> </a> </li> </ul> </section> <p>RBC Economics estimates that higher oil prices could cost Canadian households about $600 more per year, or $10 billion overall, to buy the same amount of gasoline that they did just a few weeks ago.</p><p>Hit hardest will be low-income households that typically spend a larger share of their income on necessities like food and energy.</p><p>“For them, increased costs will be largely unavoidable,” the RBC report said. “With government pandemic supports rolling off, any accumulated pandemic savings will quickly erode.”</p><div class="l-article__part" data-shortcode="readmore"> <p class="c-readmore"> <span class="c-readmore__label"><strong>Read more: </strong></span> <a class="c-readmore__link" href="https://web.archive.org/web/20220320134017/https://globalnews.ca/news/8681032/bank-governor-carbon-tax-boosted-inflation-rate-by-nearly-half-a-point/" data-track-region="content-read-more" title="Bank governor: Carbon tax boosts inflation rate by nearly half-a-point"> Bank governor: Carbon tax boosts inflation rate by nearly half-a-point </a> </p> </div><p> </p><p>Planning to drive less may only help at the margins of household finances, Bourque said, noting suburban workers will still have to commute as more employers push ahead with return-to-office plans.</p><p>He said there could also be negative effects on public health if, as the poll suggests, Canadians eschew higher priced fruits and vegetables for less healthy, but less expensive, options.</p><p>The health of household finances is also of concern, Bourque said.</p> <div class="c-ad c-ad--bigbox l-article__ad"> <div class="c-ad__label">Story continues below advertisement</div> <div id="gpt-ad-300250-12" class="c-ad__unit" data-ad-pos="12" loading="lazy"> </div> <script> if ( typeof( gn_monetize ) !== 'undefined' && typeof( gn_monetize.Ads ) !== 'undefined' && gn_monetize.Ads.initialRequestMade() ) { // Ads script has been loaded, create the ad. gn_monetize.Ads.create( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-12","lazy":true,"targeting":{"pos":12,"slotid":"gpt-ad-300250-12"},"companion":false} ); } else { // if Ads script not yet loaded, queue up ad data for initialization. var gnAdSettings = gnAdSettings || {}; gnAdSettings.ads = gnAdSettings.ads || []; gnAdSettings.ads.push( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-12","lazy":true,"targeting":{"pos":12,"slotid":"gpt-ad-300250-12"},"companion":false} ); } </script> </div> <p>While two-thirds of respondents to the Leger poll said their household finances were in good shape, almost as many noted that their earnings hadn’t kept up with the pace of price increases, creating a gap in purchasing power.</p><p>Something has to give,” Bourque said.</p><p>“For me, the biggest worry is how will that, in fact, influence people’s capacity to pay all of their bills.”</p><p>In a bid to tame inflation rates, the Bank of Canada this month raised its key interest rate to 0.5 per cent, marking the first hike since it slashed the trendsetting rate to an emergency low at the onset of the pandemic.</p><p>Governor Tiff Macklem foreshadowed more hikes to come, and economists expect the next jump to land in mid-April at the bank’s next scheduled interest rate announcement.</p><div class="l-article__part" data-shortcode="tp_video"> <div class="c-video c-videoPlay " data-iframe-receiver data-autoplay="" data-displayinline-featured="false" data-displayinline-type="video" data-displayinline-player-id="miniplayer_8688744_62372ec1710c8" data-displayinline-video-id="8688744" data-displayinline-ratio="16:9" data-displayinline="https://globalnews.ca/video/embed/8688744/#autoplay&stickyiframe=miniplayer_8688744_62372ec1710c8" data-displayinline-sticky="true"> <div class="c-video__inner"> <span class="c-video__placeholder"> <img class="c-video__image" alt="Click to play video: 'Economists say inflation hit 5.7% in February, but hasn鈥檛 peaked yet'" width="632" height="356" data-src="https://web.archive.org/web/20220320134017/https://i1.wp.com/media.globalnews.ca/videostatic/news/l9k53y2260-mz3e51zchd/2022-03-16_19-24-31.png?w=1040&quality=70&strip=all" loading="lazy" srcset="" sizes="" data-srcset="https://web.archive.org/web/20220320134017im_/https://i1.wp.com/media.globalnews.ca/videostatic/news/l9k53y2260-mz3e51zchd/2022-03-16_19-24-31.png?w=450#038;quality=70&strip=all 450w, https://web.archive.org/web/20220320134017im_/https://i1.wp.com/media.globalnews.ca/videostatic/news/l9k53y2260-mz3e51zchd/2022-03-16_19-24-31.png?w=720#038;quality=70&strip=all 720w, https://web.archive.org/web/20220320134017im_/https://i1.wp.com/media.globalnews.ca/videostatic/news/l9k53y2260-mz3e51zchd/2022-03-16_19-24-31.png?w=1040#038;quality=70&strip=all 1040w" data-sizes="(min-width: 1040px) 1040px,(min-width: 720px) 720px,450px"> <span class="c-video__overlay"> <span class="c-video__icon c-videoPlay__icon"> <svg class="c-icon c-icon--white c-video__play c-videoPlay__off" focusable="false"> <use xlink:href="https://web.archive.org/web/20220320134017im_/https://globalnews.ca/wp-content/themes/shaw-globalnews/assets/dist/icons/out/symbol/svg/sprite.symbol.svg?v=msjiw4cvn#play"></use> </svg> <svg class="c-icon c-icon--red c-video__play c-videoPlay__on" focusable="false"> <use xlink:href="https://web.archive.org/web/20220320134017im_/https://globalnews.ca/wp-content/themes/shaw-globalnews/assets/dist/icons/out/symbol/svg/sprite.symbol.svg?v=msjiw4cvn#play"></use> </svg> </span> <span class="c-video__data"> <time class="c-video__duration">2:10</time> <span class="c-video__title">Economists say inflation hit 5.7% in February, but hasn鈥檛 peaked yet</span> </span> </span> </span> </div> </div> <figcaption class="c-video__caption c-caption"> <span class="c-caption__desc">Economists say inflation hit 5.7% in February, but hasn鈥檛 peaked yet</span> </figcaption> </div><p>By raising rates, the cost of borrowing goes up, and may cool consumer demand for a variety of goods, including homes and cars, as well as the pace of price increases.</p> <div class="c-ad c-ad--bigbox l-article__ad"> <div class="c-ad__label">Story continues below advertisement</div> <div id="gpt-ad-300250-13" class="c-ad__unit" data-ad-pos="13" loading="lazy"> </div> <script> if ( typeof( gn_monetize ) !== 'undefined' && typeof( gn_monetize.Ads ) !== 'undefined' && gn_monetize.Ads.initialRequestMade() ) { // Ads script has been loaded, create the ad. gn_monetize.Ads.create( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-13","lazy":true,"targeting":{"pos":13,"slotid":"gpt-ad-300250-13"},"companion":false} ); } else { // if Ads script not yet loaded, queue up ad data for initialization. var gnAdSettings = gnAdSettings || {}; gnAdSettings.ads = gnAdSettings.ads || []; gnAdSettings.ads.push( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-13","lazy":true,"targeting":{"pos":13,"slotid":"gpt-ad-300250-13"},"companion":false} ); } </script> </div> <p>In its updated outlook this week, TD Economics forecasted that inflation rates should gradually slow over the course of this year, but likely won’t get to the central bank’s two per cent target until the middle of next year.</p><p>Almost nine in every 10 respondents to the Leger survey expected interest rates to rise, with one-third of those expecting significant jumps over the next six months.</p><p>Among respondents, almost two-thirds said rising interest rates would be a serious problem for their household to manage.</p>  <div class="l-article__copyright"> <div class="c-copyright"> © 2022 The Canadian Press </div> </div> </article> <div class="l-main__articleDetails l-article__footer"> <div id="content-feedback" class="l-main__feedback"> <div class="l-main__feedbackInner"> <a class="l-main__feedbackLink c-iconLink" href="/web/20220320134017/https://globalnews.ca/pages/principles-practices/"> <img class="c-iconLink__icon c-iconLink__icon--shield c-iconLink__icon--initial" src="https://web.archive.org/web/20220320134017im_/https://globalnews.ca/wp-content/themes/shaw-globalnews/assets/dist/images/shield.png" alt="" width="20" height="24"/> <img class="c-iconLink__icon 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