Author: Canada Vancouver Sailing Farm – Maple news Talk

(Picture source The Canadian Press)

According to the Globe and Mail report on May 20, the latest data shows that the Consumer Confidence Index fell by about 12 percent in May, the largest monthly decline since the pandemic, as inflation continued to deteriorate and the cost of living and bank interest rates continued to climb.

The online survey of more than 3,000 adult respondents between May 6 and 13 this year found that Canadians’ optimism about their current socioeconomic situation has declined, while concerns about their future financial situation have increased. As a result, the public has become more cautious in spending and generally has a negative attitude towards buying big-ticket items.

Meanwhile, Canadian inflation hit its highest level in 30 years while consumer confidence fell.  To this end, the central bank plans to continue to raise benchmark interest rates to deal with rising inflation.

News source:https://www.theglobeandmail.com/business/article-consumer-sentiment-in-canada-posts-biggest-drop-since-pandemic-onset/

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