Canadian Prime Minister Justin Trudeau convened a cabinet retreat on Prince Edward Island on Monday to address the problems created by inflation of the Canadian dollar, which polls show Canadians blame his government for.
“The retreat will be an opportunity for Cabinet ministers to keep building a strong economy and a strong future,” Trudeau’s office said. “As Canadians continue to feel the impacts of global inflation, the retreat will focus on making life more affordable, growing the economy, building more housing, improving health care, fighting climate change, and more.”
Much like in the US, there is a difference between the aggregate inflation numbers that make media headlines and the price increases seen in certain commodities, such as food and housing. The most recent government data released last week showed that in Canada last month, total inflation of the Canadian dollar was at 3.3%, but food prices were 7.8% higher than a year prior and mortgage costs an astonishing 30.6% higher.
A Nanos Research poll conducted last month found that 30% blame Trudeau’s government for the inflation, pointing to the federal government’s spending and budget deficit, with Canadians from the prairies more likely to blame Trudeau than those from other provinces. Some 10% of Canadians blame the central bank’s interest rates for the sharp increases in costs of living, while 22% blame businesses for the price hikes.
All three causes mentioned above have seen an increase in blame by Canadians for price inflation, as the number who blame COVID-19 pandemic-related issues has steadily declined.