inflation, which erodes the purchasing power of money, used to be low as well.With the price of anything from food to gasoline soaring in recent months, that’s no longer the case.Canada’s inflation rate reached 4.4 per cent in September, the highest it’s been since 2003.
Meanwhile, the Bank of Canada has yet to raise its trend-setting interest rate. Interest rates are headed up. What it means for variable and fixed mortgage rates With investors now caught between the rock of rising inflation and the hard place of still-low interest rates, Global News asked two personal finance pros what, if anything, Canadians can do to protect their savings.Here’s what they said.If you’re feeling the urge to move some or all of your spare cash into.