OTTAWA — Some called it “Justinflation.” Others called it “greedflation.”
Sometimes, those fingers pointed at Prime Minister Justin Trudeau and his federal Liberals.
University of Laval economics professor Stephen Gordon says most economists agree that a slew of factors pushed inflation well above the Bank of Canada’s two per cent target. Global events, including the Russian invasion of Ukraine and supply chain disruptions caused by the pandemic, constrained supply of goods and pushed up prices.
The federal government has stood by its assertion that inflation is the result of global factors outside the control of Canada. “Some of the income support programs look too large now, but only because we were so successful in combatting what could have been a much, much deeper and more painful public-health and economic crisis,” Tombe said, adding that the programs alone do not account for the 8.1 per cent peak inflation rate.
Corporate profits have recently been rising as a share of gross domestic product, while the share of GDP made up of workers’ wages is falling, leading the NDP to accuse companies of benefiting from high inflation.
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As politicians played inflation blame game in 2022, what really drove rising prices?Some called it 'Justinflation.' Others called it 'greedflation.'
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As politicians played inflation blame game in 2022, what really drove rising prices?OTTAWA — Some called it 'Justinflation.' Others called it 'greedflation.' But reality might be a lot less catchy than the wordplay that has taken off in Canadian politics this year.
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