Reduce Interest Rates and Offer Relief to Canadian Families – Ball is in Your Court, Governor Macklem
2024年5月22日 - 4:01AM
Despite a slowdown in inflation and the Bank of Canada achieving
its target range, high food and housing prices remain a significant
concern for Canada’s unions and working families.
“When we look at the price increases since April
2021, it becomes clear that the Bank’s interest rate hikes have not
made life more affordable for workers and their families,” said Bea
Bruske, President of the Canadian Labour Congress.
Over the last three years:
- Consumer Price Index (CPI) has risen by 14%.
- Grocery prices have surged by 21%.
- Pasta prices have climbed by 54%.
- Bread and flour prices have climbed by 23%.
- Vegetable prices have increased by 22%.
These numbers show how inflation keeps making
things more expensive, stressing the importance of carefully
thinking about the limits of monetary policy and the need for the
federal government to do more.
The annual inflation rate dropped to 2.7% in
April 2024. Inflation is just 1.1% when we exclude shelter, which
is made more expensive by high interest rates. The Bank is actually
making the problem worse...
“Governor Macklem knows that interest rates were
never the right policy for inflation caused by supply disruptions
and corporate price gouging, and he needs to lower interest rates,”
emphasized Bruske. “Unemployment is rising, which will make it even
harder for families already grappling with exorbitant costs for
rent, mortgages, and essential groceries.”
To arrange an interview, please contact:CLC Media
Relationsmedia@clcctc.ca613-526-7426