This week, BNN Bloomberg had special coverage that spanned broadcast, radio and digital about the economic and household impact of rising consumer prices. Here’s a roundup of some of the highlights from “Inflation Nation.”
Used car prices get a rare boost
The global semiconductor chip shortage has shown recent signs of easing but its impact is still being felt throughout the auto industry – and that has lifted the average used vehicle price for the first time ever. AutoTrader.ca said the average used car price surged 27 per cent in November from last year to $31,975. “This past year, the average value of used cars has gone up. It’s never happened before,” Flavio Volpe, president of the Automotive Parts Manufacturers Association, told BNN Bloomberg.
Pattie Lovett-Reid gives her top 10 tips on managing your finances amid high inflation
CTV Chief Financial Commentator Pattie Lovett-Reid said young families are increasingly having to make tough financial decisions as rising prices take a bigger bite out of their household budgets. From choosing which debt to pay off first, understanding your full benefits package and bartering with friends and family, Lovett-Reid lays out her top 10 “inflation protectors.”
Sheilding your portfolio from high inflation
While the rate of inflation is out of your control, you can adjust your investments to shield your portfolio. Several Bay Street money managers said one way to protect your investments is to look at companies that have pricing power – that is, firms that have the ability to pass on higher costs to consumers. Some fund managers are also advising their clients to shovel more money into energy sector stocks.
Pain in the produce aisle…and the meat aisle…and the dairy aisle
New research suggests food prices will continue to rise next year, with the average annual grocery bill for a Canadian family of four estimated to rise by $966 to a total of $14,767. The report predicts meat prices will rise by up to two per cent next year while dairy products could cost as much as eight per cent more than they do today.
How Canadians shifted their spending behaviours to combat rising prices
Canadians weighed in on how they’ve been coping with inflation and changing their spending habits in light of rising prices. Sharing streaming service accounts, learning to cook at home and discovering thrift stores are some of the ways people are saving a few dollars.
63.5% - The share of respondents to a Nanos Research poll conducted on behalf of Bloomberg News who said they don’t believe inflation will return to more normal levels.