Millions of Canadians are dipping into their savings or borrowing money to meet household expenses, Statistics Canada said yesterday. The new data came as the House of Commons agriculture committee opened hearings on food prices and supply..“This is exactly the reason why this committee is studying this,” said Liberal MP Kody Blois (Kings-Hants, N.S.), chair of the agriculture committee. Blois said MPs would be “identifying the realities at home and how best the Government of Canada can respond.”.According to Blacklock's Reporter, StatsCan in a report documented a sharp collapse in living standards for millions of households. “When asked in which area they were most affected by rising prices during the six months preceding the survey, 43% of Canadians answered food,” wrote analysts..“More than one quarter of Canadians, 27% reported they had to borrow money from friends or relatives, take on debt or use credit to meet day to day expenses,” said the report adding, “Rising prices are also affecting Canadians’ ability to save.”.“About 24% of Canadians said they had to draw on their savings to pay their expenses,” wrote analysts. “Another 29% said they were saving less and 19% reported they are no longer able to save each month.”.Canadians most likely to borrow money to buy groceries or meet expenses were low-income parents and postsecondary students, said the report. “Nearly three in four Canadians reported rising prices are affecting their ability to meet day to day expenses,” it said..The new figures were released as a senior food economist criticized apparent inaction by a federal Canadian Food Policy Advisory Council. “We have yet to see anything from this group,” Professor Sylvan Charlebois, senior director of Dalhousie University’s Agri-Food Analytics Lab, said in a statement. “We know that four members have resigned already.”.Cabinet announced the Council in 2019 to “advise on current and emerging issues.” The group has since held five meetings. Its last meeting on January 18 discussed “progress toward achieving the United Nations sustainable development goals,” according to minutes of the conference..“This Advisory Council is a first of its kind in Canada and reflects our vision for a sustainable food system built on an inclusive approach,” Agriculture Minister Marie-Claude Bibeau said in appointing members. “I can’t wait.”
