A financial adviser gives tips to avoid additional charges during inflation

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Written by Katherine Ludwig

Canada’s inflation rate hit an all-time high above 5% for the first time since 1991.

Canadians have seen price increases in almost all of their daily purchases. Grocery prices are much higher for dairy and multi-dollar meat. Gasoline prices are the highest in years with prices ranging from $1.44 to $1.75 per liter across the province. Buying property and houses is now a far-fetched dream for many young citizens, and these are just a few industries that inflation has affected.

The topic has been in the headlines since the start of 2022. It is forcing Canadians to reconsider and replenish their budgets. They must now redefine their spending and investment priorities.

Aaron Ruston of Purposed Financial says inflation not only raises the price of everyday purchases, but also interest rates.

He says interest rates are rising to help the country curb inflation. However, it can be devastating for people who may be heavily in debt.

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

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