QUESTION PERIOD — Finance
Canada's Inflation Rate
December 9, 2021
My supplementary question is again for the government leader. Government leader, a study released this morning shows that Canadians will pay $1,000 more for food next year. The cost of vegetables is expected to rise by 7% and dairy products by 8%. This is more money out of the pockets of Canadians already dealing with higher costs of housing and transportation. Canadians across this country are feeling the pinch, government leader. Meanwhile, with the agreement between the Government of Canada and the Bank of Canada on inflation targets set to expire at the end of this month, Bloomberg is reporting this morning — colleagues, listen to this — that the Trudeau government is thinking of changing the mandate to allow for a higher inflation target.
Senator Gold, if this report is actually accurate, do you really believe Canadians can afford to pay even more than they already pay for basic living needs? If you take the affordability crisis seriously, why won’t your government commit to maintaining the reasonable 2% inflation target?
Thank you for your question. Everyone who shops for themselves or for loved ones knows how increasingly expensive it is to nourish oneself and one’s family. It is a problem that’s affecting all Canadians. The government is seized with this, as are all governments and all sectors of society.
With regard to your question on inflation, again it’s not my place nor this place to speculate on all the different causes of inflation and especially the rise in the cost of food. With regard to the Bank of Canada’s target, the government will have more to say about the Bank of Canada’s inflation control target within the coming weeks.
