It is, however, getting more difficult to maintain a budget with inflation still at 3.4 per cent. The CDI indicated essential spending had increased by $274 a week for Albertans, year over year. She said those in the 35-55 age range were feeling the hikes the most due to carrying mortgages and other debt financing for vehicles or credit.Article content
The current rate has increased 450 basis points since March 2022 after being one per cent or lower for most of the past 13 years. “A big part and driver of inflation in recent months has been the kind of the feedback loop of higher interest rate into higher mortgage payment that feeds into higher inflation, and when you remove that higher mortgage interest payment, actually inflation is below three per cent,” he said. “The Bank of Canada is probably wanting to err more on the side of doing slightly too much than not doing enough because they’ve been under a lot of criticism for being late fighting inflation.
Source: Loan Digest (loandigest.net)
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