The poll shows that 53 percent of people surveyed are fearful about not being able to put food on the table, an increase of nine points in just the last month.
"It’s quite a startling statistic," said Sean Simpson, senior vice president of Ipsos Public Affairs.
Concern over the potential incoming recession also has a lot of Canadian anxious, with 86 percent of respondents saying they’re either somewhat or very worried, an increase of three points.
The fast-approaching holiday season brings with it an increase in spending, but 48 percent saying they're worried about getting in over their heads and 52 percent fear they won't have enough for gifts, increases of fifteen and seven points, respectively.
"We're seeing quite remarkable and significant changes in such a short period of time," Simpson said. "Canadians clearly have heightened anxieties over the potential for a recession, over interest rates, over high inflation. And as a result, we're seeing dramatic changes."
This latest poll comes just as the Bank of Canada announced yet another interest rate hike, bringing it to its highest point since 2008.
This marks the seventh time this year that Canada's central bank has raised its rate in order to fight off rampant inflation, making it the fastest pace of rate hikes since the 1990s, when inflation-targeting rate hikes began.
Canadians' proverbial belt-tightening has been good news for retail chain Dollarama, whose sales and profits continue to surge as the cost of living skyrockets.
Driving this massive growth is an increased demand for consumable products, which can sometimes be found at Dollarama for a fraction of the price than that of some of the larger grocery chains.
"Our strong performance across our key metrics year to date speaks to our commitment to providing the best year-round value on the everyday products we offer, combined with a convenient and consistent shopping experience," Dollarama chief executive Neil Rossy said in a statement.
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