TORONTO (Pakistan Point News / Sputnik - 08th April, 2022) Ottawa is unsure in its outlook on inflation given that the expenses for most Canadians have continued to soar, the Department of Finance admitted in the 2022 Federal budget.
Canada along with numerous countries around the world remains gripped by an inflationary crisis that, according to polls, has more than 40 percent of the population struggling to afford basic necessities and Canadian Prime Minister Justin Trudeau warning of an impending "difficult time."
"Uncertainty remains about the outlook for inflation," the document read.
Canada's Department of Finance says Russia's ongoing special military operation in Ukraine and a resurgence of COVID-19 in China is complicating its forecasting efforts.
Ottawa's economic modeling considers both "heightened" and "moderate" impact scenarios from the conflict in Ukraine.
The country's highest inflation levels since August 1991 forced Ottawa to revise the Consumer price Index (CPI) projects by 0.8% to 3.9% for 2022 from earlier estimates and the GDP inflation by 1.2% to 3.7%.�
