Many economists expected the inflation rate to rise, bankruptcies do rise
Canada's latest inflation rate is surprising many economists.
It actually dipped a bit last month to 2.8%, whereas many thought it would rise to 3.1%.
Statistics Canada reports grocery prices rose at a slower pace than overall inflation for the first time since October, 2021, but grocery prices still rose a whopping 21.6% since February 2021.
Mortgage interest costs were up 26.3% year-over-year, rent was up 8.2%.
And, Canadian businesses are still struggling.
Equifax Canada reports a 14.3% increase in those missing a credit payment between the fourth quarter of 2022 and the fourth quarter of last year.
The Office of the Superintendent of Bankruptcy shows a 41.4% surge in business insolvencies.
Equifax says businesses are fighting higher interest rates, a slowdown in consumer spending and pandemic loan repayments.
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