What to know
- Canada’s annual inflation rate rose to 2.8% in April, with energy and grocery prices leading the surge.
- Torontonians are cutting back on driving, beauty services, and premium groceries to cope with rising costs.
- Local businesses are seeing fewer customers as residents tighten their budgets.
Canada saw its annual inflation rate increase to 2.8 per cent in April, largely due to rising energy prices, and Torontonians are reflecting on how this is influencing their lifestyle.
According to a Statistics Canada report, the Consumer Price Index (CPI) increased 2.8 per cent in April, up from an increase of 2.4 per cent in March. Soaring prices at the pump are one of the most notable contributions to the CPI increase.
Amid rising costs, Now Toronto asked Torontonians what’s hurting their wallet the most right now.
Read More
Toronto resident Lauren K. complained she pays over $100 every time she fills her car with premium gas.
“The gas prices are quite insane,” she told Now Toronto.
Rising costs are making driving increasingly unaffordable for her.
“I typically take the streetcar now, because between paying for parking, finding parking, and paying for gas, it’s a little bit faster to just walk or take transit,” Lauren told Now Toronto.
But unlike driving, groceries are an expense she can’t avoid.
“We gotta eat, so sometimes, you just gotta bite the bullet,” she said.
Though she took a break from her usual beauty services, such as nails and lashes, due to the high cost of living.
Toronto resident Melissa A. says both her business and she are being affected by rising inflation.
“As a business owner, I’m definitely seeing a little bit less, a slowdown in traffic. So I think everybody’s wallets are being hurt,” she told Now Toronto.
Inflation has also affected her retail store, forcing her to scale back on certain menswear purchases.
Although Melissa doesn’t drive, she says relying on Ubers hasn’t offered much financial relief. To cut costs she now takes Uber to work and the TTC home.
But for Toronto residents Jack W. and Debbie B., this inflation affects their eating habits.
Jack W. is all into the protein craze. He loves buying steaks, but they come with a high price tag.
“I’m not eating steak as much as I’d like to now,” he said.
Toronto resident Debbie B. says her grocery list is in jeopardy, too.
“I try not to, but I may have to [cut items] as the prices go up. More frozen food, less organic, healthy food,” she said.
