Mr. Speaker, global inflation caused by a number of factors. Supply chain bottlenecks, climate change and the war in Ukraine are having significant impacts on the household budgets of Canadians.
While Canada's rate of inflation is below average when compared to the Euro area, the U.S. and the OECD, we are continuing to focus on economic growth and making life more affordable for Canadians. Our measures have helped lift 1.3 million Canadians out of poverty, and important programs that have supported seniors, families and individuals are indexed to the cost of living.
We will continue to invest in Canadians while lowering our debt-to-GDP ratio and increasing Canada's long-term fiscal advantage.