Freeland, Yellen say they are working together to combat inflation

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Finance Minister Chrystia Freeland and U.S. Treasury Secretary Janet Yellen say the 2 international locations are working collectively to fight rising inflation by guaranteeing provide chains are extra resilient.

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The pair spoke in regards to the turbulent international economic system at a joint information convention in downtown Toronto on Monday afternoon, which marks Yellen’s first journey to Canada as secretary of the Treasury.

Throughout the information convention, Freeland stated the 2 international locations are going through a consequential time for the worldwide economic system, which comes with a historic alternative to make sure resiliency in provide chains that may stop future shocks sooner or later.

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At their assembly, Freeland and Yellen stated they mentioned how one can maintain prices down for households on either side of the border amid hovering shopper costs, in addition to how the international locations can proceed to face united in opposition to Russia’s invasion of Ukraine.

At a speech on Friday, Freeland stated the present unstable and unsure financial time is basically pushed by a difficult international setting. She known as skyrocketing inflation a “international phenomenon” that’s being pushed by lasting impacts of the COVID-19 pandemic, ongoing lockdowns in China and Russia’s invasion of Ukraine.

Final month, Statistics Canada reported the inflation price for April rose 6.8 per cent in contrast with a yr in the past. That’s the best since January 1991 however is decrease than Britain, Germany and the USA.

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