The Bank of Canada revealed its latest inflation figures Wednesday morning, showing consumer prices rose 3.1 per cent in June from a year earlier. Although the increase marks a decline from last month’s inflation figures, which depicted a 3.6 per cent increase year over year, the number is notably higher than the target the central bank has aimed for. Throughout the pandemic, the official opposition has often accused the central bank of scheming with the Liberal government to finance large-scale spending plans that ignore the consequences of out-of-control inflation. “This is the third month in a row of unacceptably high inflation,” said Conservative MP Pierre Poilievre following Wednesday’s announcement. David Rosenberg, former chief economist at Merrill Lynch, says the notion that the central bank has lost control of consumer prices amounts to fear-mongering.

Source: thestar July 28, 2021 21:58 UTC