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Opinion | Bank of Canada’s fight against inflation is a war on workers
(www.thestar.com)
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this post was submitted on 12 Jul 2023
129 points (93.9% liked)
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Higher interest rates are the tough medicine we do need today to combat inflation. But government policies need to be there to ensure the social costs are minimized but somehow that safety net isn't sufficient today is it? Additionally more action needs to be done on oligopolies and consolidation that's happening across every industry that reduces competition.
Rising interest costs were responsible for 30% of the CPI growth as of the latest figures. Higher interest rates will only send inflation higher. Interest rates are now what is driving inflation. Excluding interest costs, CPI is already back in the 2% target range.