Bank of Canada Rate Increases Are Harming Small Business Owners

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Sky-high inflation and interestrate hikes are starting to take a major toll on Canadians, and smallbusiness owners are being hit particularly hard. CFIBNews | Canada economy news

Sky-high inflation and interest rate hikes are starting to take a major toll on Canadians.

“While keeping inflation at reasonable levels is definitely an important policy goal, the rate increase comes at a time when 62% of small businesses are still saddled with pandemic debt, for an average of $158,000,” said Simon Gaudreault, Chief Economist and Vice-President of Research at CFIB. “Doing business in Canada is becoming too costly. Rising costs, compounded with interest rate hikes and difficulties finding staff, are putting business owners in a tough spot.

Almost one-third of businesses plan to raise their prices by 6% or more in the next twelve months according to CFIB’s August Business Barometer® data, although this share seems to have peaked in recent months .

 

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