Ottawa, ON – Dan Albas, Conservative Shadow Minister for Finance, and Gérard Deltell, Conservative Shadow Minister for Innovation, Science and Industry, released the following statement after inflation reached 8.1 per cent:

“Today’s data confirms what every Canadian family already knows – the cost-of-living crisis is out of control and is devastating household budgets.

“Inflation has reached 8.1 per cent, the highest level since January 1983, taking a firm grip on our economy. Coupled with rapidly rising interest rates and stagnating growth, sky-high inflation continues to fuel the fears of Canadian families of a potential Liberal-made recession on the horizon.

“Since February, Conservatives have been presenting pragmatic and reasonable solutions to help Canadians who are suffering because of the affordability crisis. In April, the NDP-Liberal budget underestimated the crisis, projecting that inflation would be 3.9 per cent in 2022. Now, private sector forecasts are projecting that inflation will remain at or above 8 per cent for the rest of the year.

“Yet, the Trudeau Liberals continue to ignore the cost-of-living crisis, have continued their out-of-control spending, and have made life less affordable for Canadian families in the process.

“Despite economists pointing out that the Trudeau Liberals can directly reduce inflationary pressures by reducing government spending, they, along with their partners in the NDP, have doubled down on new spending, continue to blame global factors for inflation, and refuse to take responsibility for their failures at home.

“Canadians deserve a government that will get spending under control, fight the cost-of-living crisis, and outline a clear commitment to control inflation. Unfortunately, the Liberals and their partners in the NDP continue down their out-of-control spending agenda which continues to make things worse.

“Conservatives will always be the voice of Canadians struggling with the cost-of-living crisis. We will continue to propose common-sense solutions that leave more money in the pockets of Canadians, protect the value of the money that they earn, and ease inflationary pressures, not fuel them.”