Ottawa, ON – After eleven years of Liberals and Carney’s economic policies, Canadians are struggling to afford life, with the OECD confirming that they’re facing the highest food inflation in the G7. That’s as food inflation continues to rise at almost double the inflation target, and June marked the 17th consecutive month in which grocery inflation exceeded overall inflation.

No wonder 76 per cent of Canadians report that food and groceries have the biggest impact on their household finances, with gas for vehicles straining 47 per cent of households and housing costs being a source of pressure for one-third of Canadians. 

With budgets strained by higher prices, one-fourth of Canadians say they expect they will only be able to make the minimum monthly payment on their credit cards, according to a recent Equifax report. Over half of households with children report spending more than they did a year ago, while 35 per cent of those without children report the same.

42 per cent of those with children also report needing to take on debt to pay for essential living expenses, 18 percentage points higher than those without. That’s as less than half of Canadians under 55 expect to pay off their full credit card balance, with 22 per cent struggling to pay down their debt.

Higher costs and more debt also mean Canadians are saving less for their future, with 35 per cent reducing contributions to their savings, investments or education funds. It’s no surprise that 44 per cent worry they aren’t saving enough for retirement, and over two-fifths are concerned about unforeseen emergency expenses.

With less savings to cushion an emergency, 56 per cent told a TD survey that one surprise expense could force them to make hard financial choices. That’s as Canadian households are burdened with the highest debt-to-income ratio in the G7 – 179.6 per cent – owing $1.80 for every dollar of disposable income they have. 

Carney told Canadians to judge him by the prices at the grocery store, and after over a year and a half, the results are in: Canadians can’t afford life under his Liberals. Conservatives will lower the cost of government and taxes on food, gas and homebuilding to restore an affordable life at the till, at the pump and in a home families can call their own.