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canada inflation

Here's how much you need to earn in Quebec to live comfortably in 2024

It's no secret that the cost of living in Quebec has many residents looking for ways to supplement inflation in Canada, whether it be taking on more hours at work, extra jobs or seeking financial aid from the Canada Revenue Agency and Revenu Quebec.

With day-to-day necessities rising in price, many are starting to wonder just how much you need to earn in Quebec to live comfortably, and we've got the answer.

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Food Prices In Canada Are Expected To Rise Next Year — Here's What'll Cost You More

As 2024 nears, Canadians are facing the prospect of higher food prices. While there's some indication that the increase might be less harsh than last year's, many have already cut back on their grocery spending. It may be an ongoing struggle to find the balance between nutritional needs and financial realities.

The latest Canada's Food Price Report, from experts at Dalhousie University, the University of Guelph, the University of British Columbia, and the University of Saskatchewan, breaks down expected price changes and how they could affect household budgets.

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These 7 Everyday Things Cost Way More In Canada Than Almost Anywhere Else

Canada was once renowned for its reasonable cost of living: minimal credit card fees, more affordable health care than the U.S., and budget-friendly housing, especially in Quebec. However, the things are changing. In 2023, when measured against the 50 priciest countries globally, Canada ranks in 25th place — nine spots below its southern neighbour.

Many countries face high inflation, but in Canada, these everyday items are especially costly:

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A Canadian Newcomer Asked Reddit How To Save On Groceries & The Replies Offered Solid Advice

If you're feeling the wrath of inflation across Canada, you're certainly not alone. A Canadian newcomer took to Reddit seeking advice on how to save money on groceries and the replies poured in with solid advice.

User Alternative_Role_384 took to the r/PersonalFinanceCanada subreddit to ask "How [can I] spend less on groceries?" Turns out, the newcomer asked on behalf of his family of two who emigrated from Europe and simply hasn't been able to grasp grocery shopping in Canada just yet.

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A New 'Grocery Rebate' Of Up To $234 Will Reportedly Go Out To Millions Of Canadians

CBC News reports the Government of Canada will announce a new payment for residents to counter high grocery costs due to inflation. The payment, which CBC's unnamed government source called a "grocery rebate," would reportedly mean an extra $234 for eligible individuals living alone and $467 for a family of four.

Details are few, but the CBC source says the rebate will be tied to the GST Credit, which gives back some of the money low-income residents pay in federal sales tax. Taxpayers are automatically considered for the GST Credit when they file. For payments in the 2022-2023 period, a given household had to have an income under $39,826 in 2021 to receive maximum credit amounts.

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Inflation Is Still Going Up In Canada — Here's Which Products Had The Biggest Price Increases

Inflation is still going up in Canada, though the rate of increase is not as bad as it was last year — not that that's much comfort to Canadians watching prices mount.

Statistics Canada has released its latest Consumer Price Index (CPI) report, showing a 5.2% overall price jump between February 2022 and February 2023 and a 0.4% increase since January. That's compared to a 12-month (year-over-year) change of 5.9% and a monthly change of 0.5% in the last monthly report.

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Alcohol Prices Are About To Go Up Across Canada — Here's What You Need To Know

You'll need to allocate more toward your booze budget as of April 1 — higher alcohol taxes are brewing across the country. The annual price inflation of beer, wine and liquor will see rates rise by just over six percent. That's either a good reason to cut back on your consumption or find ways to imbibe for less.

Here's what you need to know:

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A Survey Revealed Canadians' Biggest Worries For 2023 & They're Pretty Gloomy

Once a time of optimism, the heralding of the new year might nowadays feel more like a meditation in worst-case scenarios. And a recent Leger survey reveals just how gloomy some Canadians' outlook for 2023 has become. In a list of potential calamities in the year ahead, inflation, recession, an expanded war in Ukraine, and climate catastrophe were Canadians' biggest points of concern.

The survey included input from 1,526 Canadians between December 9 and 11.

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canada inflation

A Canada 'Food Inflation Storm' Could Make Your Groceries Even More Expensive In 2023

Looking at your grocery receipt is going to hurt next year. Dalhousie University's annual Food Price Report shows groceries getting even more expensive in 2023 and by as much as 5% to 7% on average, thanks to inflation in Canada. Some food items could see even greater price hikes.

The report, a collaboration between Dalhousie University, the University of Guelph, the University of British Columbia and the University of Saskatchewan, also breaks down how much an average person might have to spend.

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Why TF Are Grocery Prices So High In Canada? The Government Is Investigating

Food prices in Canada are rising faster than just about any other sector and the federal government is shopping around for explanations and solutions. The Competition Bureau announced on Monday that it's launching an investigation into the most effective ways to boost grocery store competition and combat unsavoury food costs.

"Competition benefits all Canadians. Greater competition means lower prices, more choice and better convenience for consumers," the bureau wrote in a release.

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Canada's Inflation Was Crushing In September & Here's Where It Hurt Most

Canada's inflation rate edged toward 6.9% in September, marking a minimal decline from 7% the previous month. You'll still be shelling out at the grocery store, as food prices remained crushing and even showed the highest annual rate increase in over forty years. Non-food shopping costs rose faster than average hourly wages and tuition costs also saw a spike.

Food prices have been on the rise faster than the all-items Consumer Price Index for ten consecutive months now (since December 2021) with grocery inflation shelved at 11.4% in September. The price of meat went up the highest (+7.6%), along with dairy products (+9.7%), baked goods (+14.8%) and fresh vegetables (+11.8%).

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canada inflation

A New Price Freeze On No Name Products Aims To Rescue Canadians From Grocery Inflation

Whether you're shopping for staples or a sweet treat, Canadian groceries are getting increasingly expensive as the country copes with rising inflation. Many people are struggling to feed themselves with no clear end in sight. In response to these pressures, Loblaw announced their new initiative to freeze the prices of over 1,500 items from the no name brand.

To be clear, this absolutely does not constitute a reduction in prices and it will only last until January 31, 2023 — just over three months of relative savings. "In the weeks ahead, we’ll continue to lower prices [through PC Optimum], in our flyer, and across our stores, all designed to provide immediate relief from escalating food costs," Loblaw President and Chairman Galen Weston said in a press release.

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