JUSTINFLATION: StatCan expects hike in food prices across Canada

This update comes only 6 months after the Bank of Canada said that Canadians shouldn't be worried about inflation.

Roberto Wakerell-Cruz Montreal QC

Government officials have warned that food will continue to get more expensive in Justin Trudeau's Canada as the government attempts to deal with the 4.4 percent inflation.

On Wednesday, Statistics Canada updated their figures, saying that there will be double-digit food cost hikes at grocery stores across Canada, according to Blacklock's Reporter.

This worrying update comes only 6 months after the Bank of Canada said that Canadians shouldn't be worried about inflation.

Inflation is continuing to rise under Justin Trudeau's government, with the Bank of Canada governor suggesting that inflation will run close to 5 percent.

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.

"We recognize inflation is actually likely to move a little higher in the remaining months of this year," said the governor on Wednesday.

"It’s currently running around 4.5 percent. We think it’s going to move up close to five percent," he added. "Then over the course of next year, we think it will come back down."

The Bank of Canada has promised to keep prices under control, yet did not explain how they would attempt this. On top of this, the Canadian economy (although growing) is not recovering nearly as quickly as officials predicted.

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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