Madam Speaker, I will be sharing my time with the member for Halifax.
The government is fully aware that there are currently inflationary pressures all around the world. Every country in the globe is facing the same challenge of reviving the global economy. We all have to deal with the disruptions in the supply chain.
Then we have to add to that the current instability of global markets because of Russia's attack on Ukraine. This invasion has resulted in rising costs for raw materials, which will put upward pressure on prices.
Canadians are worried about the rising cost of living and we understand that. I want to assure the House that the government is taking tangible measures to help Canadians absorb the rising cost of living. The government is there to support Canadians, especially the most vulnerable.
Let us also put things into context. Canada's inflation rate is currently 5.7%. The inflation rate in Canada is lower than it is in the United States and the United Kingdom. It is also lower than the average rate for the G7, G20 and OECD countries.
Canada does, however, have the highest rates when it comes to economic recovery. There are more Canadians working now than there were before the pandemic. There are more businesses open in Canada than there were before the pandemic. Canada's job rate sits at 112% of what it was during the worst of the pandemic, in spite of omicron's impact on Canada's job market. We have vastly outperformed the United States, where just 90% of the jobs lost have been recovered.
Canada's real GDP has now surpassed its prepandemic level. The economic recovery is well under way, even though progress is slower in some sectors. This is why we have maintained targeted measures to provide assistance where required.
Russia's invasion of Ukraine does, indeed, represent a major new source of uncertainty for the global economy, and it has led to a significant increase in the price of oil and agricultural products.
That said, I hope that the member for Abbotsford will agree that the measures taken against Russia were and still are necessary. Quick, decisive action was needed, and that is exactly what the Canadian government did. We worked together with the European Union, the United States and the United Kingdom to implement the harshest sanctions every placed on a major economy. For these sanctions to truly be effective and have a real impact, we have to be prepared for some temporary consequences for our own economy.
That said, I would remind the member for Abbotsford and everyone in the House that government assistance programs are indexed to inflation. This ensures that the benefits paid to Canadians increase in line with the rising cost of living. This is true of the Canada child benefit, the goods and services tax credit, the Canada pension plan, old age security, and the guaranteed income supplement.
Speaking of old age security, this pension benefit is going up as of July for people aged 75 and over. Roughly 3.3 million Canadians will benefit from this, and they do not have to take any action. These seniors will automatically receive the additional payment if they qualify. This 10% increase will provide an additional $766 in the first year for seniors receiving the full pension.
The Canada child benefit that I just mentioned is also a key part of our efforts to make life more affordable for Canadian families. This program helps 3.5 million families with children each year. Compared to previous child benefit plans, the program puts more money in the pockets of nine out of 10 Canadian families.
The benefit has already lifted 435,000 children out of poverty and, every year, the payments are indexed to keep up with the increase in the cost of living. We are also working with the provinces and territories so that Canadian parents across the country can access early learning and child care services at an average cost of $10 a day. We have entered into agreements with nine provinces and three territories, and we are continuing our discussions with Ontario.
I carefully read the motion moved by the member, and I have to say that it would not do much for many Canadians. The motion calls on the federal Parliament to reduce the Quebec sales tax on gasoline and diesel. That is not a federal jurisdiction and we cannot reduce a provincial tax. The Government of Quebec has already indicated that it has no intention of reducing the tax. The member for Abbotsford can challenge that if he wants to.
As I stated earlier, our government realizes that the high inflation rate around the world has a real impact on Canada. We will remain vigilant. We will continue to be there for all Canadians, to make life more affordable for families, to build a resilient economy, to ensure that no one is left behind, and to build a stronger, fairer, more competitive and more prosperous economy. We want to build a Canada, and a Quebec, that is sustainable and united, fairer and more equitable, because no one can be left behind.