Statistics Canada indicated that the inflation rate was 7.6% in July. The firm found that 67% of respondents think it will “rise over the next few months”; 15% predict that it will remain unchanged, while 11% predict a decrease.
A little under one-third, 29%, believe the high rate of inflation will last for at least two more years, while 37% believe it will last for one to two years. In other words, 66% of respondents anticipate that the present inflationary phase will last at least through the fall of 2023.
Around one fifth (18%) of respondents indicated that it might last for six months to a year, while 2% stated “a few more months at most,” and 14% were unsure.
Overall, only 16% of employees reported that their pay is keeping up with inflation. However, depending on what they did for a living, respondents’ answers differed.
Thirty-one percent of gig workers claimed to be keeping up. This was in contrast to 15% of white-collar workers, 21% of blue-collar workers, and 19% of service workers.
