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Finances Worsening for Canadians as Inflation Surges, Poll Finds

  • About 41% say their finances deteriorated over the past year
  • Broader consumer confidence index at lowest since Nov. 2020
Shoppers at a department store in Pointe-Claire, Quebec last month.

Shoppers at a department store in Pointe-Claire, Quebec last month.

Photographer: Christinne Muschi/Bloomberg

Canadian households are reporting a sharp deterioration of their finances amid escalating inflation and rising interest rates, polling data show, a worrying development that may foreshadow an economic slowdown.

The number of Canadians who say their finances are worse today than a year earlier has reached 41%, according to weekly telephone polling by Nanos Research for Bloomberg News. That’s the second highest reading for this question in surveys going back to 2008. A separate poll released by Angus Reid on Tuesday found 28% of Canadians believe their finances will continue worsening over the next year -- also a record high for this question.