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OTTAWA — 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.
But even as inflation eases, the federal government has signalled the budget will include affordability measures to help Canadians still challenged by the cost-of-living. The Bank of Canada has been laser-focused on bringing inflation back down to its two per cent target. Its aggressive rate hike cycle over the last year is starting to slow the economy by forcing people and businesses to pull back on spending.
But the Liberals are also facing pressure from New Democrats to continue providing support for low-income Canadians who are hardest hit by inflation. "In our budget, we are going to be putting forward measures that will directly help Canadians," Trudeau said. Jean said lower gas prices last month likely drove the headline inflation rate down further. Other components of the CPI, like food prices, probably didn't ease by much.RBC economist Carrie Freestone said businesses, including grocers, have been able to pass on the extra costs they're facing from suppliers to consumers. But grocery prices are still expected to ease as lower agricultural commodity prices feed through the supply chain.
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