Inflation

March 18, 2022

Canada's inflation rate rose to a new high of 5.7 per cent last month

"In February, Canadian consumer prices increased 5.7% year over year, up from a 5.1% gain in January. This was the largest gain since August 1991 (+6.0%). February marked the second consecutive month where headline inflation exceeded 5%.

Price increases were broad-based in February, pinching the pocketbooks of Canadians. Consumers paid higher prices for gasoline and groceries in February 2022 compared with the same month a year earlier. Shelter costs continued to trend higher, rising at the fastest year-over-year pace since August 1983."

March 16, 2022 release from Statistics Canada

Inflation hinders our ability to purchase necessities like food, fuel to get us to work and utilities for our homes. This wouldn't happen if our wages kept pace with inflation. Unfortunately, this is not what is happening. The cost of living is increasing rapidly while our income is slower to respond. Those on fixed incomes and, of course, those currently without employment are hardest hit by inflation.

1. Pray that the church would lead the way in faith - that we would care for the poor and all who are struggling in this economic season. Pray that those in need would be given hope and that there would be an abundance of provision for giving.

2. Pray for new openings for those without jobs.

3. Pray for our lawmakers and those in charge of monetary policy that they would have insight into appropriate solutions and to stay focused on goals for price stability and maximum employment.

"God is our refuge and strength, an ever-present help in trouble. Therefore, we will not fear."

Psalm 46:1-2