A former Canadian finance minister said inflation and the public’s 'inflationary expectations' are among the biggest economic challenges facing the federal government as it drafts a budget this year.
aimed at bringing down inflation. Canadians have become used to the idea that “inflation is continuing to rage,” Manley said, and are demanding higher wages as a result – which could, in turn, put pressure on prices.
The federal government must consider this as it goes about drafting the 2023 budget, Manley argued, and he made the case that “fiscal and monetary policy” are not aligned in Canada at the moment. He said the government is running “large fiscal deficits” as the Bank of Canada takes a tightening approach to tame inflation.
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