Madam Speaker, I would like to make a few points on the current status of our economy.
First, the Canadian consumer price index is at a 22-month high. A study commissioned by Bloomberg and conducted by Nanos Research shows consumer confidence is the best it has been in about two years. Second, inflation has come down to 2% and has been in the target range the Bank of Canada wants for the last eight months. Third, the interest rate is now 4.25%, and I expect it to go down by a further 50 basis points this month. I expect it to come down to 3.75% by December and further down to 3% by July of next year.
The other point I would like to make is on the cost of living. It is still a matter of concern to most Canadians, but it has been falling in terms of percentage. It has already fallen by 7%.
Hopefully, with inflation falling, interest rates falling and consumer confidence increasing, we should see it get eliminated.