Identifying the problem
What is inflation?
Inflation is the rise of prices over time.
What's the 'Anti Inflation Act' about?
- A law which was made in order to control inflation
What's 'Budget 2024'?
In this plan Canada hopes to build more homes, faster, help make life cost less, and grow the economy in a way that helps every generation get ahead.
Name two areas inflation can occur in.
Examples: Housing, utilities, food, medical care, jewelry, cosmetics,
What are some things 'The Anti Inflation Act' hopes to achieve?
How is Ottawa's annual inflation rate compared to other Canadian cities?
Ottawa's inflation rate is really high, 2.4%, higher than Montreal, Vancouver, and Calgary, and equal to Toronto's annual inflation rate.
What's a supply chain?
Supply chain is the route materials and items go through before reaching you.
What are some legal concerns with this act?
People questioned if federal government had authority to create such a law since under the Constitution Act, some types of economic legislation fall under provincial control.
Which Canadian city out of Montreal, Calgary, Toronto, Ottawa, Vancouver, has the LOWEST inflation rate?
Vancouver, at 1.7% annually.
What are some causes of high production costs?
Production costs can shoot up due to needing raw materials, higher labor costs, market disruptions, and higher demand.
What was the Supreme Court's decision on the matter?
The Supreme Court decided the Act could be justified under a special constitutional power known as the Peace, Order, and Good Government” (POGG) clause.
What is something Canada *SPECIALLY* doing to lower inflation?
Possible answers: Introducing measures to increase housing supply and improve affordability, including over 3 million new homes by 2031. Life cost less: reducing the cost of living for Canadians by expanding social support/addressing everyday expenses. Better economy: Inclusive economic growth, focusing on investment, and innovation.
When did inflation skyrocket and why did it skyrocket that time?
Early 2022, restrictions started to ease, people wanted to travel, so when the demand increased the price of the supply increased as well.
What quote did the Deputy Prime Minister/Minister Of Finances say?
“Our government came to office with a vow to strengthen/expand the middle class. We vowed to reduce poverty, especially for children/seniors, creating millions of jobs for Canadians. Our work isn’t done. We’ll build more housing and help make life cost less. That is fairness for every generation.”
What is Ottawa's inflation rate (Hint: It's equal to Torontos)
2.4% annually