On Air Now

John Tesh

4:00pm - Midnight

  • 519-537-1047

Now Playing

Listen Live Listen Live HD2

Inflation Rate Dips, But Businesses Struggle

Wednesday, 20 March 2024 at 13:06

By Geoff Waterfield, Canadian Press

Many economists expected the inflation rate to rise, bankruptcies do rise

Canada's latest inflation rate is surprising many economists.

It actually dipped a bit last month to 2.8%, whereas many thought it would rise to 3.1%.

Statistics Canada reports grocery prices rose at a slower pace than overall inflation for the first time since October, 2021, but grocery prices still rose a whopping 21.6% since February 2021. 

Mortgage interest costs were up 26.3% year-over-year, rent was up 8.2%. 

And, Canadian businesses are still struggling.

Equifax Canada reports a 14.3% increase in those missing a credit payment between the fourth quarter of 2022 and the fourth quarter of last year.

The Office of the Superintendent of Bankruptcy shows a 41.4% surge in business insolvencies.

Equifax says businesses are fighting higher interest rates, a slowdown in consumer spending and pandemic loan repayments. 

Share

More from Local News

Comments

Add a comment

Log in to the club or enter your details below.
Rating *

Weather

Recently Played

© Copyright 2026 104.7 Heart FM (CIHR-FM) is owned and operated by Byrnes Communications Inc.. Powered by Aiir.