The latest Bank of Canada interest rate hike is not sitting well with Ontario Premier Doug Ford.
The premier told reporters Wednesday that he doesn’t like raising the rates.
“I understand their philosophy; they want to cool down inflation,” Ford said. “But just increasing interest rates constantly, personally I don’t believe in it.”
The central bank increased the key interest rate to 4.25% in an attempt to halt rising inflation.
Ford said the government is hearing that inflation will likely level off in April, May and June of 2023.
“I believe in keeping interest rates low, keeping taxes low, putting more money into people’s pockets,” Ford said. “They’ll go out and they’ll go and spend that, they’ll invest it.”
The premier said energy is responsible for probably 35% of inflation, increasing the cost of moving goods from manufacturing facilities to stores.
The Ford government has cut 10 cents per litre off the price of gasoline in response to rising fuel costs.
Ford called on the Justin Trudeau government to take the carbon tax off gasoline even as a temporary measure.
“That would be massive if they could cut 11 cents per litre,” he said. “We just need to put more money into people’s pocket and help them out through tough times.”
Ontario Liberal Leader John Fraser said Ford likes to offer a simple solution to a complicated problem.
“Is he for high inflation?” Fraser asked.
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