Released on August 20, 2024
Carbon Tax Removal Keeps Life More Affordable for Saskatchewan Residents
The most recent Consumer Price Index (CPI) numbers indicate that in July 2024, Saskatchewan's CPI saw an increase of just 1.6 per cent over July 2023. This is the lowest year-over-year inflation increase among the provinces.
"Our government will continue to stand up for Saskatchewan by opposing the Trudeau/NDP coalition carbon tax by refusing to collect and remit the tax on home heating," Trade and Export Development Minister Jeremy Harrison said. "This coupled with Saskatchewan's strong affordability measures has led to the lowest inflation rate in Canada, making our province a great place to live, work and raise a family.
"The affordability measures the Government of Saskatchewan have put in place are working to keep the inflation rate low. However, we are deeply concerned that a rail service disruption - even a minor one - could cause delays, lead to a potential loss of contracts, shutdowns, and reduced revenues, which would drive costs up. The Government of Saskatchewan urges the Government of Canada to actively facilitate a fair resolution to the dispute while exerting all legal and policy pressures to prevent a work stoppage in this essential industry."
The CPI measures changes in the price of goods and services over time. Inflation is indicated by the growth of CPI, which helps assess changes to the cost of living. An individual's ability to buy goods and services is affected by changes in income and prices.
Statistics Canada's latest GDP numbers indicate that Saskatchewan's 2023 real GDP reached an all-time high of $77.9 billion, increasing by $1.2 billion, or 1.6 per cent. This places Saskatchewan second in the nation for real GDP growth, and above the national average of 1.2 per cent.
Private capital investment is projected to reach $14.2 billion in 2024, an increase of 14.4 per cent over 2023. This is the highest anticipated percentage increase in Canada.
The province recently released "Securing the Next Decade of Growth: Saskatchewan's Investment Attraction Strategy," in conjunction with the launch of the investSK.ca website. These initiatives are positioned to amplify growth in Saskatchewan, serving as pivotal instruments in driving further development.
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