Deputy Prime Minister and Minister of Finance Chrystia Freeland crowed on Wednesday about Canada’s inflation rate dropping to 2.8% in June.
“Canada’s plan to bring down inflation is working,” she wrote on Twitter alongside a graphic showing the country’s inflation rate leading the G7 and being its lowest since March 2021.
“Food prices have increased by over 9%, translating to a nearly 20% increase in two years, the fastest growth in more than 40 years,” one person commented.
“Mortgage interest costs have also significantly increased, rising over 30% in the past year due to the Bank of Canada’s attempts to control inflation,” they added.
Others pointed to the increased costs of energy and labour adding fuel to the inflation fire.
“Great job, but not at all,” one user responded. “You know inflation will come back stronger in this second half, leaving us with a significant hurdle in 2024, most likely a slowdown in the economy.
“Oil prices are down, but supply cuts made months ago will be reflected during winter,” he added.
Another pointed out the carbon tax having an impact on the cost of living.
“This makes no sense and doesn’t reflect the carbon tax that has made everything cost more,” the person wrote. “Groceries have not come down in price…. Everything hurts in the wallet right now!
