Statistics Canada released new inflation numbers Tuesday. Overall inflation growth was a whopping 7.6 per cent in July while food prices soared 9.9 per cent, a half point higher than June; and natural gas prices soared 45.3 per cent in Ontario thanks to an Ontario Energy Board rate hike. NDP Affordability critic Teresa Armstrong released the following statement:
“Ontario families’ paycheques have lost nearly a tenth of their buying power. People are leaving a balance on the credit card each month. They’re forced to make tough choices, and to spend more on necessities like groceries, gas and housing – there is little left over to plan for things like getting the car repaired, let alone a summer visit to the CNE.
And we know that some large corporations, housing developers and big box stores are using inflation as an excuse to gouge — to make even bigger fortunes off middle class people. Grocery and pharmacy giant Loblaws reported its first-quarter profit jumped nearly 40 per cent. Developers are coming back to home buyers to demand more money.
Yet the Conservative budget has nothing at all to deal with the punishing price of inflation, and this government will not take on corporations that gouge.
These shocking inflation numbers should be a call to action to Premier Doug Ford to take action to stop corporations that gouge.”
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