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House Hansard - 218

44th Parl. 1st Sess.
June 21, 2023 02:00PM
Context: House Hansard - 218 - Jun/21/23
Mr. Francis Scarpaleggia (Lac-Saint-Louis, Lib.)
  • Jun/21/23 9:39:54 p.m.
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Mr. Speaker, we often hear from the other side that the price on carbon is fuelling inflation. However, I look at reports of the Bank of Canada Governor Tiff Macklem's appearance before the finance committee in February. I will quote a newspaper article. In terms of the impact of the price on carbon on inflation, he said that, “prescribed annual increases to the price on carbon add about 0.1 percentage points to headline inflation.” That is not very much. Also, “He added later that scrapping the carbon tax completely would reduce inflation by half a percentage point in the year that it was done, but would not have any impact on inflation in future years.” The idea of always coming back to the price on carbon as the culprit contributing to inflation is a bit misleading, really. It does not reflect the thoughts of the Bank of Canada's governor.
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