Ottawa, ON – The Hon. Ed Fast, Conservative Shadow Minister for Finance, and Gérard Deltell, Conservative Shadow Minister for Innovation, Science and Industry, released the following statement on Statistics Canada’s report today warning that inflation has reached 5.7 per cent:

“Every loonie you earn has lost a nickel in value, thanks to out-of-control Liberal spending that doubled the national debt.

“For the second time in as many months, inflation has reached a “once in a generation” high. For the first time since August 1991, prices are up 5.7 per cent over the previous year. 

“Canadians from coast-to-coast-to-coast are feeling the damage Justin Trudeau has inflicted on our economy, resulting in skyrocketing inflation and a cost of living crisis. House prices have doubled under Justin Trudeau and are up 29 per cent in the last year. Groceries are costing families an extra $1000 annually. Gas prices are through the roof, making it more difficult for parents to drive to work or take their kids to hockey practice. 

“More Canadians continue to struggle to make ends meet — two-thirds of Canadians say that inflation and the affordability crisis are their top economic concern. 

“Now is the time for the Trudeau Liberals to put an end to their high-tax, high-debt agenda. 

“Conservatives will always be the voice of Canadians looking for relief from the spiralling cost of living. The Trudeau government needs to get back to basics: get spending under control, provide a path to a balanced budget, and focus on growing our economy rather than trying to borrow and spend their way out of the financial mess they have created. While Justin Trudeau continues to offer hollow words and empty promises, Conservatives will propose real actions to fight the cost of living crisis facing Canadians.”