Bank of Canada Report Flags Cost-of-Living, Housing Concerns as Key Public Issues
A Bank of Canada report highlights widespread public concern over the cost of living and housing, with some participants expressing distrust in official inflation data.
The Bank of Canada has released a report identifying rising cost-of-living and housing affordability as the top concerns among Canadians. Across all communities consulted, stakeholders voiced anxiety over everyday expenses.
The report notes a growing disconnect between official inflation figures and citizens' daily experiences, which has eroded trust in both CPI data and the central bank. Private-sector economists criticized the Bank for relying on too many core inflation measures over the past decade, urging a greater focus on total inflation.
Community consultation participants called for concrete action on Canada's housing crisis. Younger participants expressed despair about ever affording a home, stating they have given up on homeownership.
Despite these concerns, stakeholders broadly supported the Bank's flexible inflation-targeting framework and its 2% inflation target.
Source: First Squawk