Economists say carbon price hikes should go forward despite high cost of living

While discussing the Bank of Canada’s recent interest rate hike and the federal budget, economists joining Mercedes Stephenson on The West Block said carbon price hikes should go ahead despite the rising cost of living.

Armine Yalnizyan, Atkinson Fellow on the Future of Workers, and Kevin Page, former parliamentary budget officer, both pointed to the wildfires engulfing large parts of Canada as a reminder that “serious” action is needed on climate change.

On the topic of the recent interest rate hike, Yalnizyan and Page said the central bank faced a tough decision in deciding whether to raise its key lending rate. But Yalnizyan said she believed the bank had made the “wrong call” and that she “didn’t see enough in the data to merit this increase.”

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