Four out of five people said they’ve cut back on discretionary spending, put off major purchases, driven less or made other changes to save money as prices have risen, an Angus Reid Institute poll found. Thirty-nine per cent told the pollsters they have too much debt and 76 per cent are stressed about money. (The Logic)

Talking point: The combination of responses, from an online panel of 2,279 adults surveyed between Aug. 8 and 10, shows what a nasty problem inflation is. Rising prices pinch people’s wallets, so they spend less on things they want. The main solution is raising interest rates to cool the economy by making borrowing more expensive—but it makes all borrowing more expensive, including mortgages, car payments and credit cards, giving consumers even more to fret about. The Bank of Canada has delivered major rate hikes in hopes of controlling inflation and there are early signs it’s working, but the central bank’s own forecasts indicate several more months of pain are still ahead.