Thank you very much, Mr. Baker, for your comments, for your hard work on this committee and also for your hard work in support of Ukraine.
When it comes to the metrics, the important ones to look at are Canada's debt-to-GDP ratio, particularly compared to our G7 peers. We have the lowest debt-to-GDP ratio. We need to look at Canada's deficit. In comparison with our G7 peers, we have the lowest deficit. I do think our AAA credit rating is really relevant. That's an objective marker.
All of us around this table understand that inflation is a real challenge for Canadians. This is a difficult time, particularly coming as it does after more than two years of a really difficult fight against a pandemic, but we do Canadians a disservice when we fail to place the Canadian experience in a global context. Canadians deserve to know, from us, what's also happening in the rest of the world.
Let me just read you the October inflation numbers from a few other countries with which we often compare ourselves. The Canadian inflation rate in October was 6.9%, which is definitely too high. It was the fourth consecutive month in which inflation had been stable or falling. Here are the inflation rates in a few peer countries: 14.3% in the Netherlands, 11.1% in the U.K., 10.7% in the euro area overall, 10.4% in Germany and 7.7% in the United States.
That global context is definitely important to bear in mind.