From gas to groceries, the cost of everyday necessities continues to rise throughout the Maritimes.
The annual rate of inflation hit 6.7 per cent in March, the fastest year-over-year increase in about 31 years.
The hot housing market, supply-chain constraints, and the war in Ukraine that has affected prices for oil and food are all factors in driving prices up.
“Families, seniors, everyone. They’re really feeling the impact,” said Linda Macrae, food bank co-ordinator in Glace Bay, NS
She says cliental is up 10 per cent already this month, with a lot of people making sacrifices on whether to eat or pay to heat their home.
“They can’t afford to live. They’re really finding it hard to make ends meet,” she says.
The cost of gasoline rose 39.8 per cent compared to March 2021, and according to experts there are no signs of relief at the pumps anytime soon.
“I’m 29 years old. The last time we saw inflation this high was before I was born, so it is kind of scary,” says Renaud Brossard, Canadian Taxpayer’s Federation.
The federation is calling on Nova Scotia Premier Tim Houston to adjust tax brackets – which would mean more money in pockets.
It says only Prince Edward Island, Nova Scotia and Alberta do not index any of their tax brackets to inflation.
“And the first thing at the federal level would be to stop spending so much money. The more you spend, the more it stimulates the economy, which does drive inflation,” says Brossard.
Nova Scotia’s finance minister says the province has already offered assistance to the most vulnerable by giving heating rebates and money for food banks.
“A budget is a budget. It’s an estimate of what we expect to spend in the coming year, but if we see inflation having an impact and hurting people who are most vulnerable, we’re certainly leaving the door open,” says Allan Macmaster , NS finance minister.
Last week, the Bank of Canada increased its key policy rate by half a percentage point, with hopes of cooling Canada’s housing market and the cost of goods.