Inflation SURGES to a whopping 5 percent in Trudeau’s Canada

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.

"We know higher prices are challenging Canadians and making it harder for them to cover their bills," said the governor to reporters. "I want to assure you inflation is not going to stay as high as it is today, even if it is going to take somewhat longer to come down."

Yesterday, veteran Conservative MP Pierre Poilievre blamed the sizeable inflation on the Trudeau government, saying Trudeau's reshuffle created the "costliest cabinet ever."

In a stump interview before a Conservative caucus meeting on Parliament Hill, Poilievre said that Trudeau's cabinet appointees will create "more inflation, higher costs for fuel, food and housing."

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."