Median family income in 2022 has declined, adjusting for inflation

Statistics Canada says median after-tax family income in 2022 fell compared to 2021, when adjusting for inflation, with younger families hit hardest.

The agency says the median after-tax family income of Canadians was $60,800 in 2022, up 2.5% from 2021.

But after adjusting for annual inflation of 6.8%, the result was down 4% from the previous year.

According to Statistics Canada, single-parent families with a parent under 25 experienced the largest decline, down 15.1% in constant dollars to $24,690 in 2022.

People under 25 who were not part of a census family saw their income decrease by 12.9% to $17,650 in 2022.

Families with a couple under 25 saw their income decrease by 9% to reach $45,070 in 2022.

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