Some 42% of respondents are also worried they’ll lose their jobs if the economy doesn’t improve
Canadians are growing increasingly worried about historically high inflation and a potential recession, with more than half of adults now fearing that they won’t be able to put food on the table for their families, a new poll has shown.
A poll conducted last month by Ipsos for Global News and released on Wednesday found that 53% of Canadians are fretting about whether they will be able to afford food, up nine percentage points from just a month ago. Concern over the economy also is rising, with 86% of respondents saying they’re worried about a recession hitting Canada within the next year, up from 83% in October.
“We’re seeing quite remarkable and significant changes in such a short period of time,” Ipsos Public Affairs senior vice president Sean Simpson said. “Canadians clearly have heightened anxieties over the potential for a recession, over interest rates, over high inflation, and as a result, we’re seeing dramatic changes.”
Canada’s inflation rate rose to a 39-year high of 8.1% in June and has remained unusually high, around 7%, since then. As recently as last year’s first quarter, consumer prices were rising at annual rates of 1-2.2%. Prior to 2022, Canadian inflation had been below 5% for more than 30 years.
Nearly half of Canadians (48%) are worried about spending more than they can afford for the holiday season, up 15 points in the past month, while 52% fear they won’t be able to afford gifts for their loved ones, the poll showed. Fears also are rising sharply over job losses and fuel prices. Ipsos said 61% of respondents are worried that they won’t be able to pay for gasoline, and 42% fear they’ll lose their jobs if the economy doesn’t improve.
