Cost of living is the top concern for Canadians this winter, topping even the pandemic as the most important issue, according to Global News.
According to a new Ipsos poll released this week, the cost of living has skyrocketed as a concern for Canadians. This is particularly the case for essential goods like food and gas.
In terms of priorities, the cost of living outranked the pandemic, healthcare, and housing costs as the most important issue for Canadians.
"They’re really focused on what’s going on in their own homes and what’s happening in their own lives, particularly relative to their own personal prosperity," said the CEO of Ipsos.
Under Justin Trudeau, Canada's inflation rate has soared over recent months. In October, the inflation rate shot up to 4.7 percent amid a worsening cost of living crisis.
In September the inflation was recorded at 4.4 percent. Currently, Canada's inflation is the worst recorded since 2003, according to Reuters.
Statistics Canada has said that although prices are increasing everywhere, transportation is becoming particularly expensive. The price of gasoline is said to be a major factor behind this.
the Bank of Canada governor suggested that inflation will run close to 5 percent, according to Blacklock's Reporter.
This is a steeper forecast than what the Bank of Canada was originally expecting, although the governor has not yet suggested that interest rates will be raised to counteract the inflation.
The Trudeau government has pledged $78 billion in new spending over the course of the next five years. This is in addition to the $101 billion that the prime minister has already committed in his previous budget.
Despite this, Trudeau claimed on the campaign trail that when he thinks "about the biggest, most important economic policy this government, if re-elected, would move forward. You’ll forgive me if I don’t think about monetary policy."
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