Cost Of Living Surges

Inflation rate rises 2.4% in May.

With our country already facing a cost of living crisis, things are getting worse.

The inflation rate surged to 2.4% in May.

The year-over-year increase is the 4th month the inflation rate has increased in a row. The 2.4% increase was also higher than expected, as economists had predicted a 2.1% increase.

Costs are up across the board.

Food prices are up 3.5%. Despite a temporary decrease in gas prices (down 3.7%), overall transportation costs are up 3.1%.

If the economy was strong, then this inflation wouldn’t be a big problem.

Unfortunately, the economy is incredibly weak, with the most recent data showing just 0.4% year-over-year growth.

As a result, a 2.4% rise in the cost of living combined with just 0.4% GDP growth means Canadians are getting poorer and the cost of living is vastly outstripping everything else.

This feeds into the affordability crisis in our country. Canadians have some of the highest levels of household debt in the world, and that debt is getting worse. Much of that debt increase is because far-left governments have imposed more and more taxes on everyone, while shackling the growth of our economy. So, to hold onto their standard of living, people are falling further into debt.

As long as the government continues adding more taxes and regulations, the more investment will flee our country, the more good jobs will go elsewhere, and the more life will become unaffordable for a growing number of Canadians.

Spencer Fernando

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Thomas Tass
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Thomas Tass

While the Liberals try and fool Canadians with their virtue signalling nonsense folks are going broke. The economy and bread and butter issues are far more important than the emotion driven agenda of the Liberal elites who are doing just fine. The few honest Liberal MP’s have either been kicked out or are not going to run again. October cannot come soon enough, as the country faces a serious economic emergency.

GarletFarlet
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GarletFarlet

Don’t you mean “Climate emergency”?? LOL. The economy is JUST fine…. not.

Eric Blair
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Eric Blair

I wholeheartedly agree with you Thomas… it will be bread and butter issues that will do Trudeau in (I have called it pocketbook issues on here from time to time). I remember Warren Buffet saying about company revenue growth in that a company only grows it revenue by the rate of inflation, it is not growth at all but just merely keeping up. So when a country has virtually no growth in its GDP (0.4%) and it inflation is running at 2.4% something is wrong, very wrong.

NancyW
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NancyW

According to the money grabbing foreign doomsday environmental communists running our country we will not be able to live here in less than 12 years anyway, so why worry, spend spend spend if it makes you happy in your last hours, if you believe them. For every one else lets make sure these radical cults are all voted out very soon, so we can get back to living again without their dark “sunny ways” cloud hanging over our heads. Talk about doomsday, I just got an invite to go hear Michele Obama speak right here in lefty Hamilton Ontario, must… Read more »

Frank
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Frank

“garbage pick up day” LMAO! Nice one Nancy.

Shawn Harris
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Shawn Harris

The problem with being a deceitful fraud is, that eventually you will be exposed by the words and actions you say and make. And Trudeau with his failed economic plan for Canada has been exposed for the fraud it always was. It was said so long ago and the words still ring true today, as Winston Churchill said ” that any nation that proposes to tax and spend itself into prosperity, is like a man standing in a bucket and trying to pull himself up by the handle”. Both actions are fruitless and only bring about embarrassment, pain and suffering… Read more »

Jaba
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Jaba

We have all become tax slaves to incompetent and corrupt politicians. Cost of living? They do not care.

Clive Edwards
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Clive Edwards

The worst thing about the tax and spend Lieberals is that they don’t even spend in Canada on Canadians. I think Canadians could deal with this much more effectively if the middleman, Turdo was cut out of the deal and we could just (politically incorrect words of aggression) the foreigners and bankers who benefit.