Prices have increased a substantial 5.4% compared with a year earlier
Spending is expecting to shift to services from goods through the rest of the year
Consumer spending rose 4.2% in March, at its fastest pace in nine months
Economic shutdowns and restrictions led to a 3.2% decline in consumption last year
Canadians have accumulated an average of $5,800 in extra savings in the last year
Robust consumer spending may drive inflation and a rate hike sometime in 2022
The December reading is a sharp decline from last month and far worse than economists had expected
The consumer price index rose 0.2% last month
July gain marked third monthly increase in consumer spending
It was the first monthly spending increase since the pandemic hit