Trudeau Cabinet to Meet as More Canadians Blame Government for Inflation

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Trudeau Cabinet to Meet as More Canadians Blame Government for Inflation
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Prime Minister Justin Trudeau is set to huddle with his new cabinet on how to address the soaring cost of living, a growing vulnerability for his government as more Canadians blame it for their rising bills.

Trudeau overhauled his front bench last month to focus on affordability, especially housing. A three-day retreat in the eastern province of Prince Edward Island will be the first opportunity for the new cast to hammer out potential solutions and messaging together.

While headline inflation was 3.3% in July, food prices were up 7.8% and the central bank’s aggressive hikes mean mortgage interest costs have spiked 30.6%. Record levels of immigration have exacerbated a housing supply shortage, helping boost the benchmark home price to C$754,800 . Speaking in Alberta last week, Finance Minister Chrystia Freeland said the savings are essential to maintain a fiscally responsible position so her government can deliver programs such as a temporary tax rebate and clean-energy tax credits for businesses. The cuts were first promised in her March budget.

“I expect that Freeland is going to have a very tough message to ministers,” she said. “It’ll be interesting to see if this comes out of the room, but I would anticipate that she is going to deliver a message around restraint and prudence.” At the same time, the government must signal that it has a plan to address cost-of-living, she said.

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