Pierre Poilievre: Canada's inflation rate has risen to 5.1% As Prime Minister, I will end it.

Pierre Poilievre (via Facebook)

Pierre Poilievre says Canada's inflation rate has risen to 5.1%

Pierre on his official social media accounts wrote: inflation balloons further to 5.1%. Attacking Prime Minister Justin Trudeau he called this JustinFlation. Pierre also claimed that as a Prime Minister of Canada, he will end this but for this supporters need to help him by simply filling this google doc. After filling in these details the subscribers or the Pierre Supporters will stay in contact with him and get important updates.

The consumer price index (CPI) increased 5.1 percent in January from a year earlier, marking the first time the index has exceeded 5% since September 1991, Statistics Canada reported on Feb. 16.

Inflation at that speed guarantees the Bank of Canada (BOC) will raise interest rates at the conclusion of its next round of policy deliberations on March 2 and could stoke the debate over whether Gov. Tiff Macklem (Governor of the Bank of Canada) and his deputies will lift borrowing costs by a half-point instead of the customary quarter-point increase.

Macklem said repeatedly since Dec. that he’s “uncomfortable” with inflation that has surged well past the central bank’s target of 2%. The latest reading will rekindle worries that the BOC made a mistake by passing on an opportunity to raise interest rates in Jan. and will now have to play catchup.

Food prices at grocery stores rose 6.5% as compared to 5.7 % in December, as reduced supply after a period of tough growing conditions around the world continued to fall well short of demand. Higher shipping costs from various disruptions in supply systems are also putting upward pressure on food prices, Statistics Canada said.

Prices increased more than 30% from Jan. 2021 as oil prices jumped amid worries that Russia was on the verge of invading Ukraine.

You can also watch Pierre's official video message, regarding the inflation right here

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