Some called it 'Justinflation.' Others called it 'greedflation.' But reality might be a lot less catchy than the wordplay that has taken off in Canadian politics this year.
But reality might be a lot less catchy than the wordplay that has taken off in Canadian politics this year.
Inflation first started climbing in mid-2021, coinciding with the reopening of the Canadian economy after several pandemic shutdowns. As prices continued to skyrocket in 2022, with the country's annual inflation rate peaking at 8.1 per cent in June, inflation became a focal point in politics. The Bank of Canada also injected stimulus into the economy by slashing interest rates to near zero and buying up government bonds to lower rates even further and encourage spending, a strategy followed by other central banks worldwide.In a speech at the University of Waterloo in September, its deputy governor Paul Beaudry said that a faster global withdrawal of fiscal and monetary stimulus during the recovery from the pandemic would have likely resulted in lower inflation.
Still, he said, the critiques of pandemic stimulus are being delivered with the benefit of hindsight. "We know that corporate greed is driving up the cost of living," NDP Leader Jagmeet Singh said during question period in September. "So what is the government going to do to tackle 'greedflation' caused by corporate greed?"
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