Canadian Prime Minister Justin Trudeau said Wednesday he is “extremely concerned” by increases in the cost of living caused by high inflation, adding that Liberal government policies should help address the issue.
Canada’s annual inflation rate hit an 18-year high of 4.7% in October, far above the Bank of Canada’s 2% target, and analysts predict it will rise further.
The official opposition Conservative Party says Trudeau is to blame, pointing to major government spending programs introduced to fight the COVID-19 pandemic.
“We are extremely concerned about the rising cost of living brought to people by inflation,” Trudeau told the House of Commons, noting many other nations faced the same problem.
Trudeau, whose Liberals won re-election in September with a minority government, unveiled his formal agenda on Tuesday and promised to focus on cutting the costs of daycare and housing.
“This will help families deal with the increasing cost of living,” he said.
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