Inflation in Canada is at an 18-year-high, according to the latest Statistics Canada data.
Year over year the Commodity Price Index (CPI) is up 4.4% which is the highest it has been since February 2003.
According to Canadian Taxpayers Federation Federal Director Franco Terrazzano, it’s time for the federal government to start curbing back spending.
“Since the pandemic began (beginning of March 2020) the Bank of Canada has printed more than $380 billion,” Terrazzano told True North, referencing official Bank of Canada data.
“The stats are showing what everyone is feeling: pain from sky-high cost of living. It’s time for the feds to take the printing press out of overdrive, rein in the overspending and provide tax relief.”
The spike has been largely driven by rising gas, housing and food prices across the country.
According to the data, the price of chicken is up 10.3% and beef is up 13%. All combined food prices have shot up 3.9%.
Meanwhile, the cost of shelter is up by 4.8% while the cost of goods has increased by 6.1%.
Transportation costs have taken the heaviest hit being up by 9.1%, while the cost of gasoline has risen a shocking 32.8%.
Recently, Ontario Premier Doug Ford said that the high gas prices were “just the beginning” and costs will continue to increase due to the federal carbon tax.
“The carbon tax is the single worst tax on the backs of Canadians that’s ever existed. It’s driving up the cost of groceries, it’s driving up the cost of us getting from point A to point B, driving your kids to work, I have fought this day in and day out,” Doug Ford told reporters last week.