When people think of inflation, certain iconic images come to mind. Like schlepping wheelbarrows full of cash to the corner store to buy a loaf of bread; or even burning dollar bills, because they are worth less than fuel or firewood. Indeed, those things actually happened. Fortunately, inflation rates that extreme cause so much economic damage that they (thankfully) can’t last for long.
In most cases, inflation is much less dramatic, but alas, no less devastating. Canada’s inflation rate has averaged around 3 percent per year since 1915. So, while you probably won’t ever need a truck full of cash to shop for groceries, what you get for your money will continue to erode, slowly but surely, over time. The good news? You don’t have to stand by and let it happen. Read more in my latest article on GoldenGirlFinance.ca: http://bit.ly/MTciQJ