WATCH: Pierre Poilievre talks inflation crisis, says solution is 'paychecks, not debt'

Conservative Jobs and Industry critic Pierre Poilievre spoke to Canada’s "inflation crisis" that financial experts tried to deny would happen for months.

"Well, I won’t say I told you so," said Poilievre, "but back when Trudeau started paying his bills with printed money, I said it would lead to inflation."

Canada’s Consumer Price Index (CPI) rose 3.7 percent year over year in July, up from a 3.1 percent gain in June. Excluding gasoline, the CPI increased 2.8 percent year over year.

"Prices rose at a faster pace year over year in six of the eight major components in July, with shelter prices contributing the most to the all-items increase," according to StatCan.

"Today’s StatCan report on July inflation showed it rocketed to 3.7 percent," said Poilievre, adding that this marks four consecutive months of inflation above 2.0 percent. "Canadians are paying more to keep a roof over their heads, fuel in their cars, and buy other basic necessities."

He took the "experts" to task who constantly tried to disprove his claims of the risks posed by rising inflation. "They claimed that I should 'get with the times' and just except that thought there were thousands of years of experience with money printing causing inflation, that this time would be different."

Poilievre denounced the "magical power of [the federal] government," who thought "they could buy things for free." But as he points out: "the old rules still apply."

"When you flood the market with cheap cash, there are too many dollars chasing too few goods and services, and the price of everything gets bid up, and inflation rises.

"What does this mean for you? It means you have to pay more for the things you need to survive."

Poilievre notes that while most Canadians are not happy, the rich are happy because "their mansions, gold and bonds and stocks have been inflated in price." All the while, "working Canadians see their wages chewed up by inflation, their purchasing power has eaten away."

Affordability anxiety persists in 83 percent of Canadians, with 39 percent saying they are pretty or very worried. Overall, an Abacus Data survey shows the anxiety is slightly down from 2019 but remains elevated.

Younger Canadians and those in households earning less than $50,000 per year were more likely to feel worried about their cost of living rising.

The pandemic hurt the personal finances of a third of Canadians – or almost 10 million people. Thirty-three percent of Canadians said the pandemic left their household budget and savings worse off, while only fourteen percent said they are better off financially.

Though affordability may not become the ballot question in this campaign, Canadians who support either the Liberal, Conservative or New Democratic Party listed the cost of living as a top priority for at least 55 percent of each base. The New Democrats ranked highest at 67 percent, with the Liberals lowest at 55 percent.

"They are experiencing a real pay cut, which is the result of this Trudopian idea that you can create cash and buy things for the government without any consequences for the people," said Poilievre. "Of course, there are consequences," he said, "the laws of supply and demand are not abolished."

Poilievre said the problem is that Canada is spending more and making less. "Trudeau’s plan to borrow forever means inflation and bankruptcy."

Poilievre suggests "unleashing free enterprise, so businesses and farmers can hire more, build more, and make more."

"'Make more. Cost less. Paychecks. Not debt' is what Erin O’Toole and the Conservatives will deliver," he said, with a commitment to Canadians to end the "inflation tax."

"Protect your money and replace government debt with paychecks that buy you a good, prosperous, and decent life that Canadians deserve."