Canada's inflation rate likely took another dip last month, but with many Canadians still struggling with the cost of living, the federal government is facing pressure to deliver more help in the upcoming budget.
Statistics Canada is set to release its February consumer price index report on Tuesday, giving its most up-to-date reading on inflation ahead of the federal government's budget on March 28.
Desjardins' chief economist Jimmy Jean said all eyes are on Ottawa to balance affordability priorities with fiscal restraint. As the economy slows, economists worry excessive or untargeted measures by the federal government could work against the central bank's efforts and force it to raise interest rates even higher.
NDP Leader Jagmeet Singh said he wants to see the government extend the six-month boost to the GST rebate, introduced last fall, which temporarily doubled the amount people received. Inflation has become a top political and economic concern in the country after a significant runup in prices last year, driven in part by the Russian invasion of Ukraine and mangled supply chains.
“As long as inflation continues to trend lower as we expect ... will probably stay on the sidelines,” Freestone said.
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