Canada’s Inflation rate has hit a historical high surpassing five per cent for the first time since 1991.  

Canadians have been seeing price increases in almost every day-to-day purchase. Grocery prices are much higher for dairy and meat by several dollars. Gas prices are the highest it’s been in years with prices ranging from $1.44 to $1.75 per litre across the province. Buying property and houses is now a far-fetched dream for many young citizens, and that’s only a few industries that inflation has touched.  

The topic has been taking up headlines since the beginning of 2022. This is forcing Canadians to reconsider and reconstruct their budget. They’re now needing to reprioritize their spending and investments.  

Aaron Ruston from Purposed Financial says that inflation isn’t only raising the price of everyday purchases but it’s also raising interest rates.  

He says interest rates increase to help the country curb inflation. However, that be devastating for people who may be heavily in debt.  

Ruston says that once a person has their debt under control, they can beat the rising interest rates, keeping some extra dollars in their pockets.  

For all of the information, listen to Aaron Ruston’s full interview with Discover Moose Jaw’s Katherine Ludwig on ways people can prioritize their money and how getting on top of their debt will be beneficial.