As inflation continues to hit Canadians, some business owners in Thunder Bay, Ont., are struggling to keep up with the rising cost of goods and shipping prices.
Canada's inflation rate decelerated to 3.4 per cent in the year up to May, Statistics Canada said last week, its lowest level in nearly two years and a sharp decline from the 4.4 per cent pace in April.over the past several months in an attempt to rein in inflation. The theory is that as rates rise, consumers are squeezed by higher debt payments.
"You could do that, but just understand that you're helping one and harming another group. We call that a 'transfer' in economics. So if you're fine with that, sure, you can have that policy, but I bet there's people who will not be fine with it." Danielle added many retail items are made in China, which means growing shipping and container costs have forced the Roys to escalate their prices.
As for Lucchese, he said he also had to raise prices a couple of times and knows growing costs impact his customers just like it impacts him and his family.
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