Saskatchewan's Removal of the Carbon Tax Leads to Lowest Inflation Rate in the Nation

Released on July 16, 2024

Consumer Price Index increases remain low due to carbon tax removal

In June 2024, Saskatchewan's Consumer Price Index (CPI) increased by 1.4 per cent compared to June 2023. This is tied with Manitoba for the lowest increase among the provinces.

"Saskatchewan has the lowest inflation rate in Canada as a direct result of our Government's refusal to collect and remit the carbon tax," Minister of Trade and Export Development Jeremy Harrison said. "We will continue to provide necessary relief for Saskatchewan families, while fighting back against the Trudeau/NDP coalition government as they threaten to have the Canada Revenue Agency unconstitutionally garnish money from our province's taxpayers. Our government will always stand up for Saskatchewan people."

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.

Exports are experiencing significant growth, totaling over $101.9 billion for 2022 and 2023 combined. This is a 52.2 per cent increase from the previous two-year period of 2020-2021, which saw $66.9 billion in total exports.

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.

For more information visit InvestSK.ca.

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