Fri Sep 8, 2023 – 3:08 pm EDT
(LifeSiteNews) — Food prices in Canada are shooting up amid ongoing “climate” taxes and regulations imposed by Prime Minister Justin Trudeau’s federal government.
According to a September 5 report by Statistics Canada obtained by Blacklock’s Reporter, food prices are rising faster than the headline inflation rate – the overall inflation rate in the country – as staple food items are increasing at a rate of 10 to 18 percent year-over-year.
“We have been surprised,” Bank of Canada Governor Tiff Macklem said.
“Meat’s up six percent, bread’s up 13 percent, coffee’s up eight percent, baby food’s up nine percent,” he added. “If you look at food overall it is up nine percent.”
Acknowledging the persistent nature of inflation, Macklem dismissed the idea of cutting interest rates, which are currently at their highest rate in 22 years. “It is clearly too early to be talking about interest rate cuts,” said Macklem. “We are certainly trying to balance the risks.”
According to the Bank of Canada’s last Monetary Policy Report, an inflation rate of two percent – the Bank of Canada’s target rate – is not expected until “the middle
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