After enjoying decades of a relatively low and stable inflation rate, Canadians spent 2022 grappling with the highest levels of inflation seen in nearly 40 years.
With the rising cost of living exacerbating pre-existing affordability concerns,politicians raced to point fingers at what - or who - they thought was really causing the problem.“The more the government spends, the more Canadians pay,” Opposition Leader Pierre Poilievre said in the House of Commons in November in French. “That is why we have the highest inflation rate in 40 years. It is 'Justinflation.
There's also been increasing discussion of domestic factors that have played into inflation, including fiscal and monetary stimulus during the pandemic. In an interview with The Canadian Press this week, Prime Minister Justin Trudeau said that “part of the lesson around this inflation crisis was the disruptions in global supply chains,” and his government will focus on “making sure we're much more resilient, making sure that we're there as a reliable partner to countries.”
Gordon agreed that the programs' effects were not predictable at the beginning of the pandemic. “Nobody knew at the time what the appropriate amount was.” However, Tombe says the rise in corporate profits is complicated. A look at the grocery industry, for example - one often cited by the NDP - shows that margins are not up.
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